Daily Pivots: (S1) 132.62; (P) 133.58; (R1) 134.10; More….
EUR/JPY’s decline from 136.63 is still in progress and intraday bias remains on the downside for 132.04 support. Decisive break there will confirm medium term trend reversal. On the upside, above 134.03 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 136.63 holds.
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). It should now be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support is needed to indicate medium term reversal. Otherwise, outlook will stay bullish in case of deep pull back.
