Daily Pivots: (S1) 128.70; (P) 129.35; (R1) 129.81; More….
EUR/JPY’s fall from 134.11 resumed by breaking through 129.60 and hit as low as 128.87 so far. Intraday bias is back on the downside for deeper fall. Sustained trading below 38.2% retracement of 121.63 to 134.11 at 129.34 will argue that it’s already corrective the whole up trend from 114.42. Deeper decline would be seen back to 127.07 resistance turned support. On the upside, above 129.60 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 131.07 resistance holds.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high) However, firm break of 127.07 will argue that the medium term trend has reversed, and open up the case for retesting 114.42.