Daily Pivots: (S1) 123.95; (P) 124.59; (R1) 124.98; More….
Intraday bias in EUR/JPY remains on the downside for 123.65 support and below. For now, price actions from 127.50 are seen as a corrective pattern only. Hence, strong support could be seen at around 123.39 support to bring rebound. On the upside, above 124.80 minor resistance will turn intraday bias neutral first.
In the bigger picture, there is no confirmation of completion of the down trend from 137.49 (2018 high) yet. In case of an extension, break of 118.62 will target 109.03/114.84 long term support zone. However, break of 127.50 will solidify the case of medium term bullish reversal. Further decisive break medium term channel resistance will affirm reversal and target 133.12 key resistance and above.
