Daily Pivots: (S1) 120.58; (P) 120.79; (R1) 121.15; More….
EUR/JPY recovered after drawing support from 4 hour 55 EMA, but stays below 121.46 temporary top. Intraday bias remains neutral and some more consolidation could be seen. In case of another retreat, downside should be contained above 191.11 support to bring another rally. On the upside, break of 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 125.82). Reactions from there would decide whether the medium term has reversed. For now, further rise is expected as long as 117.07 support holds.
