Daily Pivots: (S1) 127.24; (P) 127.59; (R1) 128.09; More….
Intraday bias in EUR/JPY is turned neutral with a temporary low formed at 126.63. But deeper decline is still expected with 128.50 minor resistance holds. Rebound from 124.61 could have finished at 130.33 already, after rejection by 55 day EMA. Below 126.63 will target a test on 124.08/61 support zone. Nonetheless, break of 128.50 will turn focus back to 130.33.
In the bigger picture, despite rebounding strongly ahead of 124.08 resistance turned support, there was no clear follow through buying. Note again that there is bearish divergence in daily MACD. Firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below. Nonetheless, decisive break of 133.47 key resistance will likely extend the rise from 109.03 through 137.49 high.