Daily Pivots: (S1) 125.70; (P) 128.36; (R1) 127.82; More….
EUR/JPY’s decline continues today and reaches as low as 125.13 so far. Intraday bias remains on the downside for retesting 124.61 low. Break will resume howl down trend from 137.49. On the upside, above 126.80 minor resistance will turn intraday bias neutral and bring consolidation. But recovery should be limited below 128.49 resistance to bring another fall.
In the bigger picture, focus is back on 124.08 key resistance turned support. Decisive break there will argue that whole rise from 109.03 (2016 low) has completed at 137.49. Deeper decline would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90 next. Sustained break there will pave the way to 109.03 and below. Meanwhile, rebound from 124.08 will keep medium term bullishness intact for another high above 137.49.
