Daily Pivots: (S1) 128.61; (P) 129.13; (R1) 129.53; More….
EUR/JPY’s fall accelerates to as low as 128.37 so far today. Break of 128.60 minor support suggests that rebound from 126.63 has completed at 130.14. And, with 130.20 resistance intact, fall from 133.12 is still in progress. Intraday bias is back on the downside for 124.61/89 support zone. On the upside, break of 130.14 resistance is now needed to confirm rise resumption. Otherwise, near term outlook will stay cautiously bearish 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. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.
