Daily Pivots: (S1) 120.71; (P) 121.17; (R1) 122.01; More…..
Intraday bias in EUR/JPY is turned neutral with today’s recovery. But further fall will remain in favor with 122.51 minor resistance intact. Sustained trading below 38.2% retracement of 114.42 to 124.43 at 120.60 will pave the way to 61.8% retracement at 118.24. On the upside, though, break of 122.51 minor resistance will turn bias back to the upside for retesting 124.43.
In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would 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 118.89) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.
