Daily Pivots: (S1) 133.22; (P) 133.80; (R1) 134.19; More.

EUR/JPY's fall from 134.36 extends further today and the break of 132.36 minor support indicates a short term top is at least formed. Intraday bias is flipped back to the downside for 131.24 support first. Break there will suggest that whole rise from 127.50 has completed and should bring decline to 126.88/127.50 support zone. This will also affirm the case that whole decline from 138.47 is still in progress for another low below 126.88. On the upside, while recovery might be seen, short term risk will remain on the downside as long as 134.54 resistance holds.

In the bigger picture, at this point, EUR/JPY is still bounded in medium term range between 126.88 and 139.21 and outlook remains neutral for the moment. On the downside, a break of 126.88 support will revive that case that medium term rebound from 112.10 has completed at 139.21 already and down trend from 169.96 is resuming. In such case, we'd expect deeper fall to 112.10 and beyond to resume the long term down trend. On the upside, however, break of 134.54 resistance will revive that case that recent price actions are merely consolidations to medium term rise from 112.10 already and another high above 139.21 should be seen before EUR/JPY tops.