Daily Pivots: (S1) 125.32; (P) 125.71; (R1) 126.06; More….
EUR/JPY’s decline is in progress and reaches as low as 125.52 so far. Intraday bias remains on the downside at this point. Current fall from 133.12 should target 124.08/89 support zone next. On the upside, break of 126.74 minor resistance will turn intraday bias neutral and bring consolidations first.
In the bigger picture, with the current decline, focus would be back on 124.08 key resistance turn supported holds. As long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) could still resume. 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.
