Daily Pivots: (S1) 127.87; (P) 128.32; (R1) 129.03; More….
Intraday bias in EUR/JPY remains on the upside for the moment. Rebound from 126.63 should target 130.20 resistance first. Break will pave the way for 133.12 high. On the downside, below 128.36 minor support will turn bias to the downside. Break of 126.63 will extend the fall from 133.12 to retest 124.89 low.
In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.
