Daily Pivots: (S1) 127.95; (P) 128.22; (R1) 128.66; More….
EUR/JPY’s recovery was limited below 4 hour 55 EMA and weakens again. Intraday bias stays on the downside for 126.63 support first. Break there will then resume the whole decline from 133.12 to 124.08/89 support zone. And, even in case of recovery, outlook will stay bearish as long as 130.14 resistance holds.
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.