Daily Pivots: (S1) 125.74; (P) 126.06; (R1) 126.30; More….
With 4 hour MACD crossed below signal line, intraday bias in EUR/JPY is turned neutral again. On the upside, break of 126.39 will resume the rebound from 125.07, for retesting 127.48 high. On the downside, however, break of 125.07 will argue that the correction from 127.48 is resuming. Intraday bias will be turned back to the downside for 61.8% retracement of 121.63 to 127.48 at 123.86.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 121.63 support holds. Decisive break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will target 137.49 next. However, firm break of 121.63 will argue that the rise from 114.42 has completed and turn focus back to this low.