Daily Pivots: (S1) 124.74; (P) 125.19; (R1) 125.58; More….
EUR/JPY’s decline accelerates to as low as 124.66 so far and broke 124.78 support. Intraday bias stays on the downside for 123.65 and possibly below. Strong support could be seen at around 123.39 support to bring rebound. On the upside, above 125.28 minor resistance will turn intraday bias neutral first.
In the bigger picture, there is no confirmation of completion of the down trend from 137.49 (2018 high) yet. In case of an extension, break of 118.62 will target 109.03/114.84 long term support zone. However, break of 127.50 will solidify the case of medium term bullish reversal. Further decisive break medium term channel resistance will affirm reversal and target 133.12 key resistance and above.