Daily Pivots: (S1) 133.73; (P) 133.88; (R1) 134.09; More….

Intraday bias in EUR/JPY remains on the upside at the moment. Current rise should target 100% projection of 114.42 to 127.07 from 121.63 at 134.28. Sustained break there will extend the up trend from 114.42 to 137.49 long term resistance next. On the downside, break of 132.51 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

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 130.65 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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