Daily Pivots: (S1) 126.61; (P) 127.59; (R1) 128.55; More….
Intraday bias in EUR/JPY remains mildly on the downside. Rebound from 124.61 could have finished at 130.33 already, after rejection by 55 day EMA. Deeper fall would be seen back to 124.08/61 support zone. On the upside, break of 128.50 minor resistance is needed to indicate completion of the fall. Otherwise, deeper decline will remain in favor even in case of recovery.
In the bigger picture, despite rebounding strongly ahead of 124.08 resistance turned support, there was no clear follow through buying. Note again that there is bearish divergence in daily MACD. Firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below. Nonetheless, decisive break of 133.47 key resistance will likely extend the rise from 109.03 through 137.49 high.