Daily Pivots: (S1) 127.29; (P) 127.76; (R1) 128.29; More….
Intraday bias in EUR/JPY stays neutral at this point. Near term outlook also remain bearish with 128.44 minor resistance intact. ON the downside, break of 126.63 will extend the fall from 133.12 and target 124.89 low. Nonetheless, break of 1.2844 will indicate short term bottoming and turn bias back to the upside for 130.20 resistance and above.
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. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.
