Daily Pivots: (S1) 133.68; (P) 134.03; (R1) 134.66; More…
Intraday bias in EUR/JPY remains neutral for the moment. More consolidations could be seen. But outlook remain bullish as long as 131.69 resistance turned support holds. Sustained break of 134.20 fibonacci level will target 141.04 resistance next.
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). 61.8% retracement of 149.76 to 109.03 at 134.20 is already met. 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.
