Daily Pivots: (S1) 121.00; (P) 121.49; (R1) 122.17; More….
EUR/JPY’s break of 121.96 suggests resumption of the recovery from 119.31. Intraday bias is turned back to the upside for retesting 124.43 high next. On the downside, break of 120.27 will turn bias to the downside for 119.31. Break will resume the decline from 124.43 to 61.8% retracement of 114.42 to 124.43 at 118.24.
In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 119.90) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.
