Daily Pivots: (S1) 130.69; (P) 131.19; (R1) 131.58; More….
EUR/JPY is losing some upside momentum as seen in 4 hour MACD. But with 130.09 minor support intact, further rise is expected to 131.97 resistance and then key fibonacci resistance at 132.56. On the downside, break of 130.09 minor support will bring deeper pull back. But outlook stays cautiously bullish as long as 127.85 support holds.
In the bigger picture, as long as 124.08 key resistance turned support, larger up trend from 109.03 (2016 low) remains in favor to continue. Decisive break of 61.8% retracement of 137.49 to 124.61 at 132.56 will pave the way to retest 137.49 high. However, 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.
