Daily Pivots: (S1) 121.75; (P) 122.94; (R1) 123.64; More…..
EUR/JPY’s sharp decline today and break of 121.84 minor support suggests short term topping at 124.43. Intraday bias is now back on the downside for pull back to 38.2% retracement of 114.42 to 124.43 at 120.60. Some support could be seen there to bring rebound. On the upside, break of 124.43 will resume the rise from 114.42.
In the bigger picture, the firm break of 122.87 resistance suggests that whole down trend from 137.49 (2018 high) has completed at 114.42. Current rally should now target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 118.45) holds.
