Daily Pivots: (S1) 115.16; (P) 115.59; (R1) 116.35; More…
EUR/JPY formed a temporary low at 114.84 after hitting 61.8% retracement of 109.20 to 124.08 at 114.88. Intraday bias is turned neutral for consolidations. Upside of recovery should be limited by 118.23 support turned resistance and bring another decline. Corrective rise from 109.20 has completed at 124.08. Below 114.84 will turn bias back to the downside for retesting 109.20 low.
In the bigger picture, medium term corrective rise from 109.20 should have completed at 124.08, ahead of 126.09 support turned resistance. Medium term down trend from 149.76 is likely resuming. Break of 109.20 will target 94.11 low. In any case, break of 126.09 is needed needed to confirm medium term reversal. Otherwise, outlook will remain bearish in case of another rebound.
