Daily Pivots: (S1) 123.27; (P) 123.55; (R1) 124.06; More….
EUR/JPY’s break of 123.66 minor resistance argue that pull back from 125.13 has completed. Intraday bias is turned back to the upside for 125.13 resistance. Decisive break there will revive the case that correction from 127.07 has completed. Further rally would be seen back to retest this high. On the downside, though, break of 122.84 will turn bias back to the downside for 121.63 support instead.
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.