Daily Pivots: (S1) 129.34; (P) 129.66; (R1) 130.07; More….
EUR/JPY’s rebound continues today and edges higher to 130.16 so far. Focus stays on 130.33 resistance. Decisive break there will resume the rebound from 124.61. More importantly, the sustained break of near term falling channel would be a strong sign of trend reversal. In this case, further rise should be seen to 133.47 resistance for confirmation. On the downside, below 128.49 minor support will turn bias to the downside for 127.13 support. Break will target a test on 124.61 low.
In the bigger picture, for now, EUR/JPY is holding above 124.08 key resistance turned support. Fall from 137.49 could be proven to be a correction. Decisive break of 133.47 resistance will confirm its completion and should extend the rise from 109.03 (2016 low) through 137.49 high. However, firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below.
