Daily Pivots: (S1) 120.56; (P) 120.81; (R1) 121.22; More….
Intraday bias in EUR/JPY remains neutral as consolidation from 121.46 is extending. Deeper retreat cannot be ruled out. But downside should be contained above 119.11 support to bring another rally. On the upside, above 121.46 will resume the rise from 115.86 to 161.8% projection of 115.86 to 120.01 from 117.07 at 123.78 next.
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. Decisive of 120.78 support turned resistance will affirm this case and bring further rise to falling channel resistance (now at 126.00). Reactions from there would decide whether the medium term has reversed. For now, further rise is expected as long as 117.07 support holds.
