Daily Pivots: (S1) 130.28; (P) 130.44; (R1) 130.71; More….
EUR/JPY’s break of 130.54 resistance argues that correction from 134.11 has already completed at 127.91. Intraday bias stays on the upside for 132.68 resistance first. Break there will bring retest of 134.11 high. On the downside, below 130.11 minor support will turn bias neutral and bring retreat first.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, deeper fall would be seen to 61.8% retracement of 114.42 to 134.11 at 121.94.
