Daily Pivots: (S1) 124.82; (P) 125.20; (R1) 125.74; More….
Intraday bias in EUR/JPY is turned neutral as it formed a temporary top after hitting 61.8% projection of 114.42 to 124.43 from 119.31 at 125.49. Some consolidations could be seen but further rise is expected as long as 123.01 support holds. Break of 125.58 will target 100% projection at 129.32. However, break of 123.01 support will now confirm short term topping. In this case, deeper fall would be seen to 55 day EMA (now at 121.81) to correct the whole rise from 114.42.
In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 121.32) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.
