Daily Pivots: (S1) 129.66; (P) 129.97; (R1) 130.35; More….
Intraday bias in EUR/JPY remains on the upside despite mild loss in upside momentum. Current rally from 124.89 should target resistance zone between 131.97 and 61.8% retracement of 137.49 to 124.61 at 132.56. On the downside, below 128.78 minor support will turn intraday bias neutral and bring consolidations first. .
In the bigger picture, EUR/JPY once again rebounded ahead of 124.08 key resistance turned support. It’s also held above long term trend line from 109.03 (2016 low). The development argues that such rise from 109.03 might now be over yet. Decisive break of 61.8% retracement of 137.49 to 124.61 at 132.56 will pave the way to retest 137.49 high. But, firm break of 124.08 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.
