Daily Pivots: (S1) 129.75; (P) 129.96; (R1) 130.33; More….

Intraday bias in EUR/JPY remains neutral at this point and more consolidations could be seen. Near term outlook stays bearish as long as 131.07 resistance holds. On the downside, break of 128.58 will resume the fall from 134.11, and target 127.07 resistance turned support next.

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.

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