Daily Pivots: (S1) 124.91; (P) 125.64; (R1) 126.38; More….
EUR/JPY edged lower to 124.89 but quickly recovered. Intraday bias is turned neutral first. Considering mild bullish convergence condition in 4 hour MACD, in case of another fall, downside will likely be contained by 124.08/61 key support zone to bring rebound. On the upside, break of 126.98 will indicate short term bottoming and turn bias back to upside for stronger rebound.
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.
