Daily Pivots: (S1) 130.09; (P) 130.42; (R1) 130.75; More….

EUR/JPY lose upside momentum after hitting 130.73, as seen in 4 hour MACD. Intraday bias is turned neutral for the moment. Further rise is expected as long as 128.49 minor support holds. Above 130.73 will target 100% projection of 124.61 to 130.33 from 127.13 at 132.85 next. However, break of 128.49 will turn focus back to 127.13 support.

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In the bigger picture, for now, EUR/JPY is holding above 124.08 key resistance turned support. Fall from 137.49 could be proven to be a correction. Decisive break of 133.47 resistance will confirm its completion and should extend the rise from 109.03 (2016 low) through 137.49 high. However, 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.

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