Daily Pivots: (S1) 129.78; (P) 130.07; (R1) 130.43; More….
EUR/JPY’s break of 130.65 indicates resumption of whole rally from 114.42. Intraday bias is back on the upside for 100% projection of 114.42 to 127.07 from 121.63 at 134.28. On the downside, break of 129.68 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
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 127.07 resistance turned support holds. Next target is 137.49 (2018 high). Decisive break there will open up the possibility that it’s indeed resuming the up trend from 94.11 (2012 low).