Daily Pivots: (S1) 132.90; (P) 133.16; (R1) 133.31; More….

Intraday bias in EUR/JPY remains on the upside at this point. Current up trend should target 100% projection of 114.42 to 127.07 from 121.63 at 134.28. Sustained break there will pave the way to 137.49 key resistance next. On the downside, however, break of 132.51 support will indicate short term topping. Intraday bias will be turned back to the downside for 130.65 resistance turned support 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 127.07 resistance turned support holds. Next target is 137.49 (2018 high). Decisive break there will open up the possibility that it’s indeed resuming the up trend from 94.11 (2012 low).

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