Daily Pivots: (S1) 131.26; (P) 131.59; (R1) 131.99; More….
Intraday in EUR/JPY remains mildly on the upside at this point. Corrective pattern from 134.11 might have completed at 124.37 already. Further rise should be seen to retest 133.13/134.11 resistance zone first. Decisive break there will resume larger up trend. However, break of 130.01 minor support will mix up the near term 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 124.37 will target 61.8% retracement of 114.42 to 134.11 at 121.94.
