Daily Pivots: (S1) 129.27; (P) 129.61; (R1) 130.21; More….
EUR/JPY is staying in correction from 130.65 short term top. Deeper decline could be seen to 55 day EMA (now at 128.01). But downside should be contained above 127.48 resistance turned support to bring rise resumption. For now, risk will stay mildly on the downside for more corrective moves as long as 130.65 holds, in case of recovery.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 125.07 support holds. Next target is 137.49 (2018 high).
