Daily Pivots: (S1) 129.16; (P) 129.60; (R1) 129.91; More….
EUR/JPY’s rise from 124.37 continues today and intraday bias stays on the upside. The corrective pattern from 134.11 could have completed at 124.37 already. Further rise should be seen to 133.13/134.11 resistance zone next. On the downside, break of 129.30 minor support will mix up the outlook and turn intraday bias neutral first.
In the bigger picture, medium term outlook remains neutral for now. Price actions from 134.11 are so far still seen as a corrective pattern. That is, rise from 114.42 (2020 low) is in favor to resume at a later stage. But before that, the corrective pattern from 134.11 could still extend further, sideway or downward. In the latter case, break of of 124.37 will target 61.8% retracement of 114.42 to 134.11 at 121.94.
