Daily Pivots: (S1) 129.61; (P) 129.88; (R1) 130.41; More….
EUR/JPY’s rebound from 127.36 resumed and hit as high as 130.21 so far. Current development suggests that whole consolidation from 134.11 has completed with three waves down to 127.36, ahead of 126.58 medium term fibonacci level. Intraday bias is back on the upside for retesting 133.44/134.11 resistance zone. On the downside, however, break of 129.25 minor support will dampen this bullish view and turn intraday bias neutral first.
In the bigger picture, as long as 38.2% retracement of 114.42 (2020 low) to 134.11 at 126.58 holds, up trend from 114.42 is still in favor to continue. Break of 134.11 will target long term resistance at 137.49 (2018 high). However, sustained break of 126.58 will raise the chance of medium term bearish reversal. In this case, deeper decline would be seen to 61.8% retracement at 121.94, and possibly below.
