Daily Pivots: (S1) 126.50; (P) 126.92; (R1) 127.53; More….

Intraday bias in EUR/JPY remains mildly on the upside for 127.48 resistance. Decisive break there will resume larger rise from 114.42, to 128.67 fibonacci level. On the downside, break of 126.26 minor support will delay the bullish case and turn bias neutral again first.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 121.63 support holds. Next target is 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will target 137.49 next. However, firm break of 121.63 will argue that the rise from 114.42 has completed and turn focus back to this low.

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