Daily Pivots: (S1) 128.09; (P) 128.49; (R1) 129.20; More….
EUR/JPY’s rally resumed by taking out 128.44 and intraday bias is back on the upside. 128.67 long term fibonacci level was taken out already. Further rally should be seen to 100% projection of 121.63 to 127.48 from 125.07 at 130.92 next. On the downside, break of 128.37 minor support will turn intraday bias neutral and bring consolidations again.
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 125.07 support holds. Next target is 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will indicate solid upside momentum and target 137.49 next. This will remain the favored case as long as 125.07 support holds.