Daily Pivots: (S1) 126.32; (P) 126.76; (R1) 127.01; More….
Intraday bias in EUR/JPY is turned neutral as it retreated after failing to break through 127.48 resistance. On the upside, decisive break of 127.48 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. Intraday bias will be turned back to the downside for 125.07 to extend the consolidation from 127.48 with another falling leg.
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.