Daily Pivots: (S1) 123.64; (P) 124.07; (R1) 124.32; More….

EUR/JPY’s break of 123.84 minor support suggests that corrective recovery from 122.37 has completed. Intraday bias is turned back to the downside for 38.2% retracement of 114.42 to 127.07 at 122.23. Firm break there will confirm resumption of whole corrective fall from 127.07. On the upside, break of 125.08 will turn bias back to the upside for retesting 127.07 instead.

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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 119.31 support holds. Break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67 next. However, firm break of 119.31 will argue that the rise from 114.42 has completed and turn focus back to this low.

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