Daily Pivots: (S1) 122.96; (P) 123.49; (R1) 123.95; More….
EUR/JPY’s rebound from 122.37 resumes today and hits as high as 124.59 so far. The development argues that correction from 127.07 has completed, as supported by 38.2% retracement of 114.42 to 127.07 at 122.23. Intraday bias is back on the upside for retesting 127.07 high. On the downside, though, break of 123.02 support will flip bias to the downside to extend the fall from 127.07.
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.