Daily Pivots: (S1) 128.39; (P) 128.98; (R1) 129.32; More….

Intraday bias in EUR/JPY remains on the downside at this point. Rebound from 124.61 could have completed with three waves up to 131.97 already. Deeper fall would be seen for 127.13 support first. Decisive break there will bring retest of 124.61 low. On the upside, above 129.52 minor resistance will turn intraday bias neutral first. But near term outlook will remain cautiously bearish as long as 131.13 resistance holds.

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In the bigger picture, for now, EUR/JPY is still holding above 124.08 key support turned resistance. And the larger rise from 109.03 (2016 low) mildly in favor to resume. Break of 133.47 should send the cross through 137.49 high. However, decisive break of 124.08 will confirm medium term reversal and could then pave the way back to 109.03 low and below.

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