Daily Pivots: (S1) 130.97; (P) 132.02; (R1) 133.46; More…
Intraday bias in EUR/JPY remains on the upside for the moment. Current medium term rise should target 134.20 fibonacci level next. Firm break there will pave the way to 141.04 resistance next. On the downside, break of 130.60 support is needed to indicate short term topping. Otherwise outlook will remain bullish in case of retreat.
In the bigger picture, current rise from 109.03 is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). as long as 124.08 resistance turned support holds, further rise is expected to 61.8% retracement of 149.76 to 109.03 at 134.20. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. ON the downside, break of 127.55 support is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bullish.
