Daily Pivots: (S1) 123.07; (P) 124.10; (R1) 125.51; More….
EUR/JPY’s breach of 125.00 resistance argues that correction from 127.07 has completed with three waves down to 121.63. Intraday bias is back on the upside for retesting 127.07 high. On the downside, though, break of 123.18 minor support would extend the correction with another fall through 121.63.
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.