Daily Pivots: (S1) 129.18; (P) 129.76; (R1) 130.09; More….
EUR/JPY’s decline from 131.97 is in progress and intraday bias stays on the downside. As noted before, the rebound from 124.61 should have completed with three waves up to 131.97 already. Deeper fall should be seen to 127.13 support first. Break will confirm this bearish case and target 124.61 low. On the upside, above 130.25 minor resistance will turn bias to the upside for retesting 131.97 resistance instead.
In the bigger picture, the strong break of channel resistance from 137.49 suggests that the decline from there has completed. The three wave structure suggests that it’s a correction. With 124.08 key resistance turned support intact, medium term bullishness is also retained. Break of 133.47 will affirm this bullish case and target 137.49 and above. This will now be the favored case as long as 127.13 support holds.