Daily Pivots: (S1) 119.67; (P) 120.05; (R1) 120.79; More…..
A temporary low is formed in EUR/JPY at 119.31 with current recovery. intraday bias is turned neutral first. Fall form 124.43 short term top is still in favor to continue as long as 122.11 resistance holds. Break of 119.31 will target 61.8% retracement of 114.42 to 124.43 at 118.24. However, break of 122.11 will turn bias back to the upside for retesting 124.43 instead.
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 119.22) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.
