Daily Pivots: (S1) 123.90; (P) 124.36; (R1) 124.86; More….
A temporary low is in place at 123.82 in EUR/JPY and intraday bias is turned neutral first. Further decline is expected as long as 125.68 minor resistance holds. Prior break of 124.27 support indicates completion of rebound from 118.62. On the downside, below 123.82 will target 61.8% retracement of 118.62 to 127.50 at 122.01. However, break of 125.68 will bring stronger rebound back to 127.50 resistance.
In the bigger picture, rebound from 118.62 might have completed earlier than expected at 127.50. EUR/JPY is held well inside medium term falling channel, and below 55 week EMA (now at 127.86). That is, the down trend from 137.49 (2018 high) might still be in progress. Break of 118.62 will target 109.03/114.84 long term support zone. On the upside, however, break of 127.50 will extend the rebound from 118.62 to 133.12 key resistance instead.