Daily Pivots: (S1) 129.17; (P) 129.68; (R1) 130.00; More….
EUR/JPY’s fall from 130.73 resumes by taking out 129.57 and intraday bias is back on the downside. Rebound from 127.91 has possibly completed. Deeper fall would be seen to retest this low. Break there will resume the whole decline form 134.11 to 127.07 key resistance turned support. On the upside, above 130.18 minor resistance will turn bias back to the upside for 130.73 instead.
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, deeper fall would be seen to 61.8% retracement of 114.42 to 134.11 at 121.94.
