Daily Pivots: (S1) 123.55; (P) 123.85; (R1) 124.37; More….
EUR/JPY recovers after hitting 123.31 and intraday bias is turned neutral first. Further fall is expected as long as 125.01 resistance holds. Fall from 127.07 is correcting the rise from 114.42. Break of 123.31 will target 38.2% retracement of 114.42 to 127.07 at 122.23. Also, risk will now stay on the downside as long as 127.07 resistance holds, even in case of strong recovery.
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.
