Daily Pivots: (S1) 130.45; (P) 130.93; (R1) 131.22; More….
Intraday bias in EUR/JPY is turned neutral with 4 hour MACD crossed above signal line. We’d still expect strong support from 130.45 to complete the pull back from 133.44. Break of 132.55 resistance will bring retest of 133.44 first. Firm break there will resume larger up trend from 114.42. However, firm break of 130.45 will dampen our bullish view and bring deeper fall back to 127.91 key support.
In the bigger picture, rise from 114.42 (2020 low) is still in progress and the strong support support from 55 week EMA affirms medium term bullishness. Further rise would be seen to retest 137.49 (2018 high). Decisive break there will resume the whole long term rise from 109.03 (2016 low). Next target will be 100% projection of 109.03 to 137.49 from 114.42 at 142.88. This will now remain the favored case as long as 127.91 support holds.
