Daily Pivots: (S1) 122.50; (P) 122.69; (R1) 122.86; More….
Break of 122.76 temporary top suggests rally resumption in EUR/JPY. Intraday bias is back on the upside. Rise from 115.86 should target medium term channel resistance (now at 123.97). Sustained break there will carry larger bullish implication. On the downside, break of 122.18 minor support will indicate short term top and bring deeper pull back.
In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Rise from 115.86 is seen as a corrective rise for the moment. Strong resistance could be seen at falling channel resistance to limit upside. However, sustained break of the channel resistance will carry larger bullish implication and target 127.50 key resistance next.
