Daily Pivots: (S1) 123.05; (P) 123.29; (R1) 123.46; More…
EUR/JPY’s decline extends to as low as 122.48 so far far. Intraday bias remains on the downside for the moment. As noted before, rebound form 118.62 has completed at 127.50 already. Further fall should be seen to retest this low. On the upside, above 123.52 minor resistance will turn intraday bias neutral first. But recovery should be limited by 124.09/125.29 resistance zone to bring fall resumption.
In the bigger picture, current development argues that rebound from 118.62 is merely a correction and has completed at 127.50. EUR/JPY is staying in long term falling channel from 137.49 (2018 high). Decisive break of 118.62 will confirm resumption of this medium term fall and target 109.20 low. For now, this will be the favored case as long as 125.23 resistance holds.
