Daily Pivots: (S1) 122.85; (P) 123.25; (R1) 123.91; More…
EUR/JPY continues to lose upside moment ahead of 124.08. But there is no clear sign of topping yet. Intraday bias stays on the upside for 124.08 and break will confirm resumption of whole rise from 109.20. Further rally would then be seen to 126.09 key resistance. On the downside, below 122.30 minor support will turn bias neutral first and bring consolidation before staging another rally.
In the bigger picture, focus is back on 126.09 support turned resistance. Decisive break there will confirm completion of the down trend from 149.76. And in such case, rise from 109.20 is at the same degree and should target 141.04 resistance and above. Meanwhile, rejection from 126.09 and break of 114.84 will extend the fall from 149.76 through 109.20 low.
