Daily Pivots: (S1) 124.64; (P) 125.14; (R1) 125.86; More….
With 124.44 support intact, intraday bias in EUR/JPY remains neutral first. Larger rise is in favor to continue and break of 127.07 will resume the rally from 114.42, to 128.67 fibonacci level. Nevertheless, considering bearish divergence condition in daily MACD, firm break of 124.44 will confirm short term topping. Intraday bias will be turned back to the downside for 55 day EMA (now at 124.01) and further to 38.2% retracement of 114.42 to 127.07 at 122.23.
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.
