Daily Pivots: (S1) 129.06; (P) 129.48; (R1) 129.85; More….
EUR/JPY recovers quickly after hitting 129.11 and intraday bias is turned neutral first. Further decline remains in favor as long as 130.70 resistance holds. Below 129.11 will target 127.85 support first. Break there will confirm completion of rebound from 124.89 at 133.12 and bring retest of this low. On the upside, though, above 130.70 minor resistance will turn bias back to the upside for 133.12 instead.
In the bigger picture, current development suggests that EUR/JPY could have defended key support level of 124.08 key resistance turned support. And, the larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. This will be the preferred case as long as 127.85 near term support holds. However, break of 127.895 will turn focus back to 124.08 key support level.