EUR/JPY Daily Outlook

Daily Pivots: (S1) 128.20; (P) 129.02; (R1) 129.54; More….

Despite breaching 128.31, EUR/JPY quickly recovered again. Intraday bias remains neutral. On the upside, break of 130.86 will extend the rise from 124.89 and target 131.97/132.56 key resistance zone. On the downside however, break of 128.31 will extend the fall from 130.86 to 61.8% retracement of 124.89 to 130.86 at 127.17 and below.

In the bigger picture, EUR/JPY once again rebounded ahead of 124.08 key resistance turned support. It’s also held well above long term trend line from 109.03 (2016 low). The development argues that such rise from 109.03 might not be over yet. Decisive break of 61.8% retracement of 137.49 to 124.61 at 132.56 will pave the way to retest 137.49 high. But, firm break of 124.08 will argue that whole rise from 109.03 (2016 low) has completed at 137.49. Deeper decline would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90 next.