Daily Pivots: (S1) 126.55; (P) 127.31; (R1) 128.36; More….
EUR/JPY’s rebound from 124.89 extended by breaking 126.98 resistance decisively. Intraday bias stays on the upside for 55 day EMA (now at 127.79). Sustained trading above there will target 131.97 key resistance next. On the downside, below 126.60 minor support will bring retest of 124.61/89 support zone instead.
In the bigger picture, focus is back on 124.08 key resistance turned support. Decisive break there will argue that whole rise from 109.03 (2016 low) has completed at 137.49. Deeper decline would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90 next. Sustained break there will pave the way to 109.03 and below. Meanwhile, rebound from 124.08 will keep medium term bullishness intact for another high above 137.49.
