Daily Pivots: (S1) 123.55; (P) 123.85; (R1) 124.37; More….
EUR/JPY’s fall from 127.07 resumes after brief consolidation and hits as low as 122.51. Intraday bias is back on the downside for 38.2% retracement of 114.42 to 127.07 at 122.23. Decisive break there will raise the chance that whole rise form 114.42 has completed. Deeper fall would be seen to 61.8% retracement at 119.25. On the upside, break of 124.31 resistance will argue that the decline has completed and turn bias back to the upside for rebound.
In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.49 (2018 high). This will remain the preferred case for now, as long as 119.31 support holds.