Daily Pivots: (S1) 127.37; (P) 128.29; (R1) 128.81; More….
Intraday bias in EUR/JPY’s fall from 133.12 extends. The break of 127.85 support confirms completion of whole rebound from 124.89 at 133.12. Deeper decline would now be seen back to 124.89 support next. On the upside, break of 130.20 resistance is needed to indicate completion of the fall from 133.12. Otherwise, near term outlook will now be mildly bearish even in case of recovery.
In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.
