EUR/JPY Mid-Day Outlook

Daily Pivots: (S1) 128.92; (P) 129.36; (R1) 129.80; More….

EUR/JPY’s break of 129.97 minor resistance confirms that pull back from 130.86 has completed at 127.85 already. Intraday bias turned back to the upside for 130.86. Break will resume the rise from 124.89 and target key fibonacci resistance at 132.56. On the downside, below 129.43 minor support will dampen this bullish case and turn intraday bias neutral first.

In the bigger picture, as long as 124.08 key resistance turned support, larger up trend from 109.03 (2016 low) remains in favor to continue. Decisive break of 61.8% retracement of 137.49 to 124.61 at 132.56 will pave the way to retest 137.49 high. However, firm break of 124.08 will argue that whole rise from 109.03 (2016 low) has completed at 137.49. Deeper decline would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90 next.