Daily Pivots: (S1) 121.70; (P) 122.26; (R1) 123.03; More…
Intraday bias in EUR/JPY remains on the upside for the moment as the rebound from 118.23 should continue. As noted before, correction from 124.08 has completed at 118.23 after defending 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). More importantly, whole rise from 109.20 is likely resuming. Further rally should now be seen to 124.08 high. Break will confirm this bullish case and target 126.09 key resistance next. On the downside, below 121.88 minor support will turn bias neutral and bring retreat before staging anther rally.
In the bigger picture, current development suggests that medium term rise from 109.20 is still in progress. Focus is now on 126.09 key resistance level. Sustained break will confirm completion of the whole decline from 149.76. And rise from 109.20 is of the same degree as the fall from 149.76. In such case, further rally would be seen to 104.04 resistance and possibly above before topping. Meanwhile, rejection from 126.09 will extend the fall from 149.76 through 109.209 low.
