Daily Pivots: (S1) 128.21; (P) 129.06; (R1) 129.53; More….
EUR/JPY’s correction from 130.65 extends lower today and intraday bias is now on the downside for 55 day EMA (now at 127.99) and below. But downside should be contained above 127.48 resistance turned support to bring rebound. On the upside, above 129.12 support turned resistance will turn intraday bias neutral first. But the corrective pattern could extend further as long as 130.65 resistance holds, in case of recovery.
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 137.49 (2018 high).