Daily Pivots: (S1) 128.76; (P) 129.00; (R1) 129.41; More….
Despite a rather strong rebound, upside was limited below 129.25 minor resistance. Intraday bias in EUR/JPY stays neutral first and deeper fall is expected. As noted before, rebound from 124.61 could have completed with three waves up to 131.97 already. Below 128.49 will target 127.13 support for confirmation. Overall, near term risk will stay on the downside as long as 131.13 resistance holds, even in case of stronger than expected rebound.
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.
