Daily Pivots: (S1) 127.92; (P) 128.13; (R1) 128.53; More….
EUR/JPY’s rally is still in progress and intraday bias stays on the upside for 128.67 long term fibonacci level next. Sustained break there will confirm medium term upside momentum and target 100% projection of 121.63 to 127.48 from 125.07 at 130.92 next. On the downside, break of 127.65 minor support will turn intraday bias neutral and bring some consolidations first.
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 125.07 support holds. Next target is 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will indicate solid upside momentum and target 137.49 next. This will remain the favored case as long as 121.63 support holds.