Daily Pivots: (S1) 125.18; (P) 125.54; (R1) 125.79; More….
EUR/JPY is still extending the consolidation from 127.07 and intraday bias remains neutral first. As long as 124.44 support holds, further rally is in favor. On the upside, firm break of 127.07 will resume larger rise from 114.42, to 128.67 fibonacci level. However, firm break of 124.44 should, at least, start the correction to such rise from 114.42, and turn bias to the downside for 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.
