Daily Pivots: (S1) 129.12; (P) 129.41; (R1) 129.58; More….
EUR/JPY’s break of 128.58 support suggests resumption of whole decline from 134.11 Intraday bias stays on the downside for 127.07 resistance turned support next. That is close to 38.2% retracement of 114.42 to 134.11 at 126.58. On the upside, above 129.12 minor resistance will turn intraday bias neutral 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.
