Daily Pivots: (S1) 129.96; (P) 130.20; (R1) 130.37; More….

Intraday bias in EUR/JPY remains neutral for the moment. On the downside, break of 129.60 will resume the the correction from 134.11. But we’d expect strong support from 38.2% retracement of 121.63 to 134.11 at 129.34 to bring rebound. On the upside, break of 131.07 resistance should argue that the correction has completed. Intraday bias will be turned back to the upside for 132.68 resistance and above.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. 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). For now, outlook will stay bullish as long as 127.07 resistance turned support holds, in case of pull back.

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