Daily Pivots: (S1) 124.49; (P) 124.79; (R1) 125.25; More….

EUR/JPY is staying in consolidation above 124.09 temporary low and intraday bias remains neutral first. Current development suggests corrective pattern from 127.50 is extending with fall from 126.79 as the third leg. Upside of recovery from 124.09 should be limited by 125.28 resistance to bring another fall. On the downside, below 124.09 will target 123.65 support. Nevertheless, break of 125.28 will turn bias back to the upside for 126.79 resistance.

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In the bigger picture, there is no confirmation of completion of the down trend from 137.49 (2018 high) yet. In case of an extension, break of 118.62 will target 109.03/114.84 long term support zone. However, break of 127.50 will solidify the case of medium term bullish reversal. Further decisive break medium term channel resistance will affirm reversal and target 133.12 key resistance and above.

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