Daily Pivots: (S1) 123.27; (P) 123.78; (R1) 124.50; More….
Intraday bias in EUR/JPY remains on the upside for 124.43 resistance. Decisive break there will resume whole rally from 114.42 bottom. Next target will be 61.8% projection of 114.42 to 124.43 from 119.31 at 125.49. On the downside, break of 121.96 resistance turned support is needed to indicate completion of the rise. Otherwise, outlook will stay cautiously bullish in case of retreat.
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 120.35) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.
