Daily Pivots: (S1) 117.38; (P) 117.74; (R1) 118.26; More….
EUR/JPY’s break of 118.47 resistance suggests that pull back from 120.01 has completed at 117.07. And rebound from 115.86 is possibly still in progress. Intraday bias is turned back to the upside for 120.01 resistance first. Break will target 61.8% retracement of 123.35 to 115.86 at 120.48 next. On the downside, though, break of 117.07 will target retest on 115.86 low.
In the bigger picture, as long as 120.78 support turned resistance holds, down trend from 137.49 (2018 high) should still be in progress. Break of 115.86 will target 109.48 (2016 low) and below. However, sustained break of 120.78 will be the first indication of medium term reversal. Further rise would then be seen to 127.50 resistance for confirmation.
