Daily Pivots: (S1) 129.54; (P) 130.16; (R1) 130.95; More….
Intraday bias in EUR/JPY is turned neutral first as it recovered after hitting 129.33. Further fall is expected as long as 131.89 minor resistance holds. Decline from 133.13 is seen as another falling leg of the corrective pattern from 134.11. Below 129.33 will target 128.23 support first, and then 127.36. However, break of 131.89 will turn bias back to the upside for 133.13 resistance.
In the bigger picture, price actions from 134.11 are currently seen as a consolidation pattern only. 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 bearish reversal. In this case, deeper decline would be seen to 61.8% retracement at 121.94, and possibly below.
