Daily Pivots: (S1) 131.52; (P) 131.69; (R1) 131.84; More….
EUR/JPY’s break of 131.21 support suggests that rebound from 130.02 has completed. Intraday bias is back on the downside for 130.02 support and below. Price actions from 134.11 is seen as a correction to rise from 121.63. Downside should be contained by 38.2% retracement of 121.63 to 134.11 at 129.34 to bring rebound. On the upside, break of 132.68 resistance will bring retest of 134.11 high instead.
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.