Daily Pivots: (S1) 128.18; (P) 128.73; (R1) 129.04; More….
Intraday bias in EUR/JPY remains neutral at this point and more sideway trading could be seen. While another rise cannot be ruled out, near term outlook will remain bearish as long as 130.14 resistance holds. On the downside, break of 127.83 minor support should resume the fall fro 130.14 and target 126.63 low. Break will extend the decline from 133.12 to 124.08/89 support zone. On the upside, however, break of 130.14 will resume the rebound from 126.63 towards 133.12 resistance.
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.
