Daily Pivots: (S1) 128.96; (P) 129.59; (R1) 129.97; More….
EUR/JPY’s break of 128.32 support today indicates resumption of fall from 133.12. Intraday bias is back on the downside for 127.85 support next. Firm break there should confirm completion of rebound from 124.89 at 133.12 and bring retest of this low. On the upside, break of 130.20 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish even in case of recovery.
In the bigger picture, as long as 124.08 key resistance turn supported holds, 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. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish.
