Daily Pivots: (S1) 128.22; (P) 128.58; (R1) 129.20; More…
EUR/JPY’s rally resumed after brief retreat. Intraday bias is turned back to the upside for 61.8% projection of 114.84 to 125.80 from 122.39 at 129.16 first. We’d be aware of strong resistance between 129.16 and medium term projection level at 129.89 to bring short term topping. On the downside, below 1.2743 will bring deeper pull back to 125.80 resistance turned support.
In the bigger picture, the break of 126.09 support turned resistance should have confirmed completion of down trend form 149.76 (2014 high), at 109.03 (2016 low). Current rise from 109.03 should target 100% projection of 109.03 to 124.08 from 114.84 at 129.89 first. Break there will pave the way to 61.8% retracement of 149.76 to 109.03 at 134.20 and above. Medium term outlook will now remain bullish as long as 122.39 support holds.
