Daily Pivots: (S1) 124.51; (P) 124.70; (R1) 124.94; More….
EUR/JPY’s rebound from 123.65 extends higher today. Break of 125.01 minor resistance suggests that pull back from 127.50 has completed with three waves down to 123.56. Intraday bias is turned back to the upside for 126.78/127.50 resistance zone first. On the downside, however, break of 123.56 will resume the fall from 127.50 to 61.8% retracement of 118.62 to 127.50 at 122.01.
In the bigger picture, rebound from 118.62 might have completed earlier than expected at 127.50. EUR/JPY is held well inside medium term falling channel, and below 55 week EMA (now at 127.61). That is, the down trend from 137.49 (2018 high) might still be in progress. Break of 118.62 will target 109.03/114.84 long term support zone. On the upside, however, break of 127.50 will extend the rebound from 118.62 to 133.12 key resistance instead.
