Daily Pivots: (S1) 124.04; (P) 124.68; (R1) 125.58; More….
Intraday bias in EUR/JPY remains on the upside at this point. Rebounds should 118.62 should have just resumed for 55 day EMA (now at 126.38). On the downside, break of 123.78 support is now needed to indicate completion of rebound form 118.62. Otherwise, near term outlook will remain cautiously bullish in case of retreat.
In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.39 is possibly just the second leg of the corrective pattern from 109.03. Break of 133.12 resistance should start the third leg to 137.49 and above. Nevertheless, break of 118.62 will resume the decline from 137.49 for 109.03/114.84 support zone instead.
