Daily Pivots: (S1) 128.51; (P) 128.69; (R1) 128.89; More….
A temporary low is in place at 128.49 with 4 hour MACD crossed above signal line. Intraday bias in EUR/JPY is turned neutral first. Upside of recovery should be limited by 129.52 minor resistance to bring another fall. Rebound from 124.61 could have completed with three waves up to 131.97 already. Below 128.49 will target 127.13 support for confirmation. Overall, near term risk will stay on the downside as long as 131.13 resistance holds, even in case of strong rebound.
In the bigger picture, for now, EUR/JPY is still holding above 124.08 key support turned resistance. And the larger rise from 109.03 (2016 low) mildly in favor to resume. Break of 133.47 should send the cross through 137.49 high. However, decisive break of 124.08 will confirm medium term reversal and could then pave the way back to 109.03 low and below.