EUR/JPY Daily Outlook

Daily Pivots: (S1) 122.95; (P) 123.21; (R1) 123.42; More….

Intraday bias in EUR/JPY remains neutral for the moment. Corrective pattern from 127.07 is possibly extending with another falling leg. Break of 122.84 Below 122.84 will target a test on 121.63 support. However, break of 123.66 will dampen this bearish view and turn bias back to the upside for 125.13 resistance first.

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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.