Daily Pivots: (S1) 124.53; (P) 125.15; (R1) 125.54; More….
EUR/JPY’s break of 124.44 support completes ahead and shoulder top pattern. Fall from 127.07 should at least be corrective whole rise from 114.42. Intraday bias is turned to the downside for 38.2% retracement of 114.42 to 127.07 at 122.23. On the downside, break of 125.28 minor resistance will dampen this view and turn bias neutral first instead.
In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.49 (2018 high). This will remain the preferred case for now, as long as 119.31 support holds.