Daily Pivots: (S1) 120.48; (P) 120.71; (R1) 120.03; More….
EUR/JPY surges to as high as 121.48 so far and the development suggests that larger rise from 115.86 is resuming. Intraday bias is back on the upside. Sustained trading above 121.46 resistance will confirm and target 123.35 resistance next. On the downside, though, below 120.76 minor support will delay the bullish case and turn bias neutral first.
In the bigger picture, the rebound from 115.86 medium term bottom is seen as a corrective rise only. In case of another rise, strong resistance should be seen from falling channel resistance (now at 124.83) to limit upside. Break of 117.07 support will be an early sign of resumption of down trend from 137.49 through 115.86 low.
