Daily Pivots: (S1) 129.72; (P) 129.92; (R1) 130.17; More….
EUR/JPY is losing some downside momentum as seen in 4 hour MACD. But intraday bias stays on the downside as fall from 133.44 is in progress for 127.92 key support. Firm break there will carry larger bearish implication. On the upside, however, break of 131.40 minor resistance will turn bias back to the upside for stronger rebound, probably back to retest 133.44 high.
In the bigger picture, rise from 114.42 (2020 low) is still in progress and the strong support support from 55 week EMA affirms medium term bullishness. Further rise would be seen to retest 137.49 (2018 high). Decisive break there will resume the whole long term rise from 109.03 (2016 low). However, sustained break of 127.91 support will argue that a medium term top is formed, and turn outlook bearish for deeper fall.
