EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.31; (P) 131.09; (R1) 131.55; More….

Intraday bias in EUR/JPY remains on the downside for 130.02 support. Break there will resume the whole correction from 121.63 towards 38.2% retracement of 121.63 to 134.11 at 129.34. Strong support should be seen there to bring rebound. On the upside, above 131.26 support turned resistance will turn intraday bias neutral first.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Next target is 137.49 (2018 high). Decisive break there will open up the possibility that it’s indeed resuming the up trend from 94.11 (2012 low). For now, outlook will stay bullish as long as 127.07 resistance turned support holds, in case of pull back.

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