Daily Pivots: (S1) 125.70; (P) 126.03; (R1) 126.52; More….
Intraday bias EUR/JPY stays neutral first. On the downside, break of 124.23 support will suggest completion of rebound from 118.62 after rejection by 55 day EMA. Deeper fall would then be seen back to retest 118.62 low. However, decisive break of 126.30 will dampen our bearish view and target 129.25 resistance next.
In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 (2018 high) already, with corrective structure. Fall from 137.49 is likely still in progress. Decisive break of 118.62 will target 161.8% projection of 137.49 to 124.61 from 133.12 at 112.28, which is inside 109.03/114.84 support zone. This will remain the favored case as long as 129.25 resistance holds.
