Daily Pivots: (S1) 125.23; (P) 125.64; (R1) 126.01; More….
EUR/JPY’s fall from 126.79 extends further today and the development suggests completion of rebound from 123.56. Consolidation pattern from 127.50 is extending with another decline. Intraday bias is turned back to the downside for 124.78 support first. Break will target 123.65 and possibly below. On the upside, above 126.06 minor resistance will turn bias back to the upside for 126.79 instead.
In the bigger picture, there is no confirmation of completion of the down trend from 137.49 (2018 high) yet. In case of an extension, break of 118.62 will target 109.03/114.84 long term support zone. However, break of 127.50 will solidify the case of medium term bullish reversal. Further decisive break medium term channel resistance will affirm reversal and target 133.12 key resistance and above.
