Daily Pivots: (S1) 126.49; (P) 126.64; (R1) 126.81; More….
EUR/JPY lost some upside omentum as seen in 4 hour MACD. Intraday bias is turned neutral first. Further rise is expected as long as 125.61 resistance turned supported holds. Above 126.79 will target 127.50 resistance first. . Decisive break there will resume whole rise from 118.62 for medium term channel resistance at 129.15 next. However, break of 125.61 will turn bias back to the downside for 123.65 support instead.
In the bigger picture, there is no confirmation of completion of the down trend from 137.49 (2018 high) yet. In case of an extension, break of 118.62 will target 109.03/114.84 long term support zone. However, break of 127.50 will solidify the case of medium term bullish reversal. Further decisive break medium term channel resistance will affirm reversal and target 133.12 key resistance and above.
