Daily Pivots: (S1) 127.93; (P) 128.84; (R1) 129.36; More….
EUR/JPY’s fall from 133.12 resumed by taking out 129.11 temporary low. Intraday bias is back on the downside for 127.85 support first. Decisive break there will confirm completion of rebound from 124.89 at 133.12. In that case, deeper decline would be seen back to 124.61.89 support zone. On the upside, break of 130.29 resistance is needed to indicate completion of the fall. Otherwise, near term outlook will stay mildly bearish in case of recovery.
In the bigger picture, current development suggests that EUR/JPY could have defended key support level of 124.08 key resistance turned support. And, the 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. This will be the preferred case as long as 127.85 near term support holds. However, break of 127.85 will turn focus back to 124.08 key support level.
