Daily Pivots: (S1) 128.53; (P) 128.79; (R1) 129.03; More….
Intraday bias in EUR/JPY is mildly on the downside for retesting 17.91 support. Firm break there will resume the whole decline from 134.11 to 127.07 resistance turned support next. On the upside, though, break of 130.45 resistance will argue that correction from 134.11 has completed and turn near term outlook bullish for retesting this high.
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.
