EUR/JPY Daily Outlook
Daily Pivots: (S1) 129.01; (P) 129.68; (R1) 130.14; More
Intraday bias in EUR/JPY stays neutral as consolidation from 131.12 could possibly extend. Below 127.05 will bring deeper decline but in that case downside should be contained by 123.86 support and bring rebound. Eventually, an upside breakout is expected and break of 131.12 will confirm resumption of larger up trend and should target 132.03 long term fibo level first.
In the bigger picture, whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. Rise from there isn't finished yet and is expected to continue to 50% retracement of 169.96 to 94.11 at 132.03 next. Eventually, such rise would likely extend to 139.21 resistance and above. Break of 119.10 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.