Daily Pivots: (S1) 129.58; (P) 130.07; (R1) 130.50; More….
Intraday bias in EUR/JPY remains mildly on the downside for the moment. Corrective pattern from 134.11 would target 38.2% retracement of 121.63 to 134.11 at 129.34. We’d look for strong support from there to bring rebound. On the upside, above 131.02 minor resistance will turn bias back to the upside for 132.68 resistance 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.
