Daily Pivots: (S1) 128.43; (P) 128.94; (R1) 129.33; More….
Intraday bias in EUR/JPY remains neutral at this point. Overall, we’re holding on to the view that corrective rebound from 124.61 could have completed with three waves up to 131.97 already. Break of 128.49 will extend the fall from 131.97 to 127.13 support for confirming this. Meanwhile, 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.
