EUR/JPY’s break of 127.90 support turned resistance argues that fall from 133.13 has completed at 124.37 already. Intraday bias is mildly on the upside for 130.27 resistance first. Break there will target 133.13 structural resistance next. On the downside, break of 126.28 minor support will revive near term bearishness and target 124.37 low again.
In the bigger picture, the break of 127.36 support turned resistance mixed up the medium term outlook. But still, outlook is neutral at best for now until there is clear sign of up trend resumption. Corrective pattern from 134.11 could still extend further, sideway or downward. Break of 124.37 will target 61.8% retracement of 114.42 to 134.11 at 121.94.
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