Daily Pivots: (S1) 119.47; (P) 119.73; (R1) 120.02; More…..
EUR/JPY’s rally accelerates to as high as 121.22 so far today. As 121.14 resistance is taken out, further rise should be seen to 122.87 key resistance next. On the downside, break of 119.42 support is needed to indicate short term topping. Otherwise, further rally will remain in favor even in case of retreat.
In the bigger picture, the case of bullish trend reversal is starting to build up as rise from 114.42 is accelerating. Sustained trading below the channel resistance (now at 121.220, will argue that whole down trend from 137.49 (2018 high) has completed at 114.42. Further break of 122.87 resistance will confirm and turn outlook bullish.
