Daily Pivots: (S1) 119.96; (P) 120.22; (R1) 120.68; More….
Intraday bias in EUR/JPY remains on the upside at this point. Rise from 115.86 is in progress for 100% projection of 115.86 to 120.01 from 117.07 at 121.16 first. On the downside, break of 119.74 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
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.
