Daily Pivots: (S1) 129.26; (P) 129.59; (R1) 130.23; More….
EUR/JPY’s firm break of 130.45 resistance suggests that corrective pattern from 134.11 has already completed at 127.91. Intraday bias is now on the upside and further rise should be seen to retest 134.11 high. On the downside, below 130.29 minor support will dampen the bullish case and 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. 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.
