Daily Pivots: (S1) 125.14; (P) 125.33; (R1) 125.79; More….
EUR/JPY’s break of 124.96 minor support suggests that rebound from 123.65 has completed. Intraday bias is turned back to the downside for 123.65 support first. Break there will resume whole fall from 127.50 and target 61.8% retracement of 118.62 to 127.05 at 121.84. On the upside, though, above 125.61 will resume the rebound to 126.78/127.50 resistance zone.
In the bigger picture, EUR/JPY is staying well inside medium term falling channel from 137.49 (2018 high). It’s also held below 55 week EMA (now at 127.53). Thus, down trend from 137.49 might still extend lower. Break of 118.62 will target 109.03/114.84 long term support zone. On the upside, however, break of 127.50 will solidify the case of medium term bullish reversal. Rise from 118.76 should extend to 133.12 key resistance instead.
