Daily Pivots: (S1) 116.35; (P) 117.09; (R1) 117.54; More….
EUR/JPY’s decline resumed by taking 116.56 and intraday bias back on the downside. Current fall should target 114.84 medium term support next. On the upside, break of 117.91 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, down trend from 137.49 (2018 high) is still in progress. It’s seen as a falling leg of multi-year sideway pattern. Deeper fall could be seen to 109.48 (2016 low and below). On the upside, break of 123.35 resistance is needed to the first sign medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.
