Daily Pivots: (S1) 124.08; (P) 124.39; (R1) 124.62; More….

Intraday bias in EUR/JPY remains on the downside at this point. Rebound from 118.62 could have completed at 125.95 already, just ahead of 55 day EMA. Further break of 123.78 will add more credence to this case and target a test on 118.62 low. On the upside, break of 125.95 resistance is needed to confirm resumption of the rebound. Otherwise, risk will now stay on the downside in case of recovery.

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In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.49 is likely still in progress. Decisive break of 118.62 will target 161.8% projection of 137.49 to 124.61 from 133.12 at 112.28, which is inside 109.03/114.84 support zone.

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