Daily Pivots: (S1) 131.02; (P) 131.45; (R1) 132.00; More.
EUR/JPY's rebound from 127.50 extends further and at this point, intraday bias remains on the upside as long as 130.50 minor support holds and further rise could be seen to trend line resistance at 132.67. Break will suggests that choppy fall from 138.47 has completed and will turn focus to 134.54 resistance for confirmation. Break there will target upper side of medium term range at 139.21. On the downside, below 130.50 minor support will turn intraday bias neutral again and put focus back to 127.50 support.
In the bigger picture, at this point, EUR/JPY is still bounded in medium term range between 126.88 and 139.21 and outlook remains neutral for the moment. On the downside, a break of 126.88 support will revive that case that medium term rebound from 112.10 has completed at 139.21 already. And down trend from 169.96 is resuming. In such case, we'd expect deeper fall to 112.10 and beyond to resume the long term down trend. On the upside, however, break of 134.54 resistance will revive that case that recent price actions are merely consolidations to medium term rise from 112.10 already and another high above 139.21 should be seen before EUR/JPY tops.
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