Daily Pivots: (S1) 122.56; (P) 122.88; (R1) 123.17; More….
With 4 hour MACD crossed above signal line, intraday bias in EUR/JPY is turned neutral first. But further decline will remain in favor as long as 124.31 minor resistance holds. Decisive break of 38.2% retracement of 114.42 to 127.07 at 122.23 will raise the chance that whole rise from 114.42 has completed. Deeper fall would be seen to 61.8% retracement at 119.25. However, break of 124.31 will turn bias back to the upside for retesting 127.07 high.
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 137.49 (2018 high). This will remain the preferred case for now, as long as 119.31 support holds.
