Daily Pivots: (S1) 125.40; (P) 125.74; (R1) 126.14; More….
Intraday bias in EUR/JPY stays neutral first as consolidation from 126.75 is extending. Downside of retreat should be contained above 124.31 support to bring another rally. On the upside, break of 126.75 will target 100% projection of 114.42 to 124.43 from 119.31 at 129.32. Nevertheless, break of 124.31 will indicate short term topping and turn bias to the downside for pull back.
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 137.49 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 122.54) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.
