Daily Pivots: (S1) 134.87; (P) 135.59; (R1) 136.05; More….
EUR/JPY’s break of 134.39 resistance turned support now suggests that rise from 132.04 has completed at 136.63. It’s also seen as an early sign of trend reversal. But it’s yet to be confirmed. In any case intraday bias is now on the downside for 132.04 support. Above 135.12 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 136.63 holds.
In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). It should now be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support is needed to indciate medium term reversal. Otherwise, outlook will stay bullish in case of deep pull back.
