Daily Pivots: (S1) 133.86; (P) 134.32; (R1) 135.04; More….

EUR/JPY surges to as high as 134.76 so far. Break of 134.39 resistance indicates resumption of medium term up trend. Intraday bias is now on the upside. Rally from 132.04 should target 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12. Ideally, upside acceleration should be seen in the current move with daily MACD taking out down trend line. On the downside, below 133.91 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 132.04 key support holds.

In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). Sustained break of 61.8% retracement of 149.76 to 109.03 at 134.20 will pave the way to key long term resistance zone at 141.04/149.76. However, break of 132.04 support will suggest medium term topping and will turn outlook bearish for deeper fall back 55 week EMA (now at 127.82).

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