Daily Pivots: (S1) 129.35; (P) 129.65; (R1) 130.23; More….
Intraday bias in EUR/JPY is turned neutral as a temporary low is formed at 129.02 with current recovery. But further decline is expected as long as 130.58 resistance holds. On the downside, break of 129.02 will resume the fall from 133.44 to 127.92 key support. Firm break there will carry larger bearish implication. On the upside, however, break of 130.58 minor resistance will turn bias back to the upside for stronger rebound.
In the bigger picture, rise from 114.42 (2020 low) is still in progress and the strong support support from 55 week EMA affirms medium term bullishness. Further rise would be seen to retest 137.49 (2018 high). Decisive break there will resume the whole long term rise from 109.03 (2016 low). However, sustained break of 127.91 support will argue that a medium term top is formed, and turn outlook bearish for deeper fall.
