Daily Pivots: (S1) 119.24; (P) 119.48; (R1) 119.77; More….
Intraday bias in EUR/JPY is turned neutral with 4 hour MACD crossed below signal line. Some retreat could be seen, but downside should be contained above 117.07 support to bring another rally. On the upside, break of 120.01 resistance will resume the rise from 115.86 for 100% projection of 115.86 to 120.01 from 117.07 at 121.16 first.
In the bigger picture, current development argues that a medium term bottom is formed at 115.86, on bullish convergence condition in daily MACD, ahead of 114.84 support. Break of 120.78 support turned resistance will affirm this case and bring further rise to falling channel resistance (now at 126.10). Reactions from there would decide whether the medium term has reversed. For now, further rise is expected as long as 117.07 support holds.
