Daily Pivots: (S1) 124.30; (P) 124.80; (R1) 125.12; More….
Intraday bias in EUR/JPY is turned neutral with the current retreat. At this point, further rise is still expected with 123.78 support intact. Break of 125.46 will target 55 day EMA (now at 126.20). Though, break of 123.78 will indicate completion of the rebound and turn bias back to the downside.
In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.39 is possibly just the second leg of the corrective pattern from 109.03. Break of 133.12 resistance should start the third leg to 137.49 and above. Nevertheless, break of 118.62 will resume the decline from 137.49 for 109.03/114.84 support zone instead.
