Daily Pivots: (S1) 128.73; (P) 129.12; (R1) 129.66; More….
Intraday bias in EUR/JPY remains neutral first. Outlook stays bearish with 129.62 resistance intact. On the downside, firm break of 127.36 will resume fall from 133.44 and larger pattern from 134.11. Next target is 126.58 medium term fibonacci level. However, firm break of 129.62 will now argue that fall from 133.44 has completed, and turn bias back to the upside for this resistance.
In the bigger picture, as long as 38.2% retracement of 114.42 (2020 low) to 134.11 at 126.58 holds, up trend from 114.42 is still in favor to continue. Break of 134.11 will target long term resistance at 137.49 (2018 high). However, sustained break of 126.58 will raise the chance of medium term bearish reversal. In this case, deeper decline would be seen to 61.8% retracement at 121.94, and possibly below.
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