Daily Pivots: (S1) 132.48; (P) 133.63; (R1) 134.34; More….
EUR/JPY’s decline from 137.49 is still in progress and intraday bias remains on the downside for 132.04 cluster support first (23.6% retracement of 114.84 to 137.49 at 132.14). Decisive break there will indicate larger trend reversal on bearish divergence condition in daily MACD. On the upside, though, above 134.79 minor resistance will turn intraday bias neutral first.
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 be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support, however, will be an early sign of trend reversal and will bring deeper fall back to 124.08 key medium term support.
. Decisive break there will indicate larger trend reversal on bearish divergence condition in daily MACD. On the upside, though, above 134.79 minor resistance will turn intraday bias neutral first. ){kind=link}