Daily Pivots: (S1) 123.68; (P) 123.96; (R1) 124.21; More….
EUR/JPY retreated sharply ahead of 124.43 resistance and intraday bias is turned neutral first. Further rise is still expected as long as 121.96 resistance turned support holds. On the upside, sustained break of 124.43 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. However, break of 121.96 will turn bias back to the downside for 120.27 support and below.
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.
