EUR/JPY breached 134.87 to 134.97 but quickly retreated. Upside momentum is also weak as seen in 4 hour MACD. Intraday bias stays neutral first. Overall, near term outlook stays bullish as long as 132.04 support holds. Above 134.97 will resume medium term rally and target 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12.
In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). Sustained break of 61.8% retracement of 149.76 to 109.03 at 134.20 will pave the way to key long term resistance zone at 141.04/149.76. However, break of 132.04 support will suggest medium term topping and will turn outlook bearish for deeper fall back 55 week EMA (now at 127.82).
