EUR/JPY Daily Outlook

Daily Pivots: (S1) 128.72; (P) 129.04; (R1) 129.47; More….

Intraday bias in EUR/JPY is turned neutral with current recovery. On the upside, above 129.63 minor resistance will turn bias back to the upside for 130.73. Firm break there will reaffirm the case that whole correction from 134.11 has completed, and turn near term outlook bullish. On the downside, though, break of 128.59 will bring deeper fall to 127.91 support.

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.

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