EUR/JPY Daily Outlook

Daily Pivots: (S1) 128.32; (P) 128.88; (R1) 129.54; More….

Prior break of 128.32 suggests that decline from 133.12 is resuming. Further fall is expected as long as 130.20 resistance holds. Break of 127.85 support should confirm completion of rebound from 124.89 at 133.12 and bring retest of this low.

In the bigger picture, as long as 124.08 key resistance turn supported holds, 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. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish.