Daily Pivots: (S1) 115.96; (P) 116.23; (R1) 116.42; More….
Intraday bias in EUR/JPY remains neutral and outlook is unchanged. Upside of recovery should be limited by 117.21 resistance to bring fall resumption. On the downside, break of 115.54 will resume larger down trend. Next target is 100% projection of 121.14 to 116.33 from 119.00 at 114.19.
In the bigger picture, down trend from 137.49 (2018 high) is possibly resuming. Medium term bearishness is maintained with the cross staying well inside falling channel established since 137.49 (2018 high), as well as below falling 55 week EMA. Next downside target will be 109.48 (2016 low). In any case, outlook will remain bearish as long as 122.87 resistance holds, in case of rebound.
