Daily Pivots: (S1) 129.12; (P) 129.41; (R1) 129.58; More….
Intraday bias in EUR/JPY is back on the downside after break of 129.12 minor support. Deeper fall would be seen to 128.58 next. Firm break there will resume whole decline from 134.11 to 127.07 resistance turned support next. On the upside, break of 130.54 resistance will argue that choppy fall from 134.11 has completed. Intraday bias will be turned back to the upside for 132.68 resistance first.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, and open up the case for retesting 114.42.
