Daily Pivots: (S1) 129.51; (P) 129.78; (R1) 130.33; More….
EUR/JPY’s up trend resumed by breaking 129.96 and hits as high as 130.29 so far. Intraday bias is back on the upside. Current rise from 121.63 should target 100% projection of 121.63 to 127.48 from 125.07 at 130.92 next. On the downside, break of 129.02 minor support will 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 125.07 support holds. Next target is 137.49 (2018 high).