Daily Pivots: (S1) 124.48; (P) 125.07; (R1) 125.43; More….
EUR/JPY is still holding on to 124.44 support and intraday bias remains neutral first. On the downside, firm break of 124.44 should confirm short term topping at 127.07, on bearish divergence condition in daily MACD. Intraday bias will be turned to the downside for 55 day EMA (now at 123.95) and further to 38.2% retracement of 114.42 to 127.07 at 122.23. Nevertheless, rebound from the current level and break of 127.07 will resume the rise from 114.42.
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 119.31 support holds.
