Daily Pivots: (S1) 127.86; (P) 128.28; (R1) 128.63; More….
Intraday bias in EUR/JPY remains on the downside at this point. Current fall from 134.11 should continue to 127.07 resistance turned support. That is close to 38.2% retracement of 114.42 to 134.11 at 126.58. On the upside, above 128.93 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 130.54 resistance holds.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, and open up the case for retesting 114.42.
