Daily Pivots: (S1) 115.03; (P) 115.80; (R1) 116.19; More….
EUR/JPY’s break of 115.44 support suggests larger down trend resumption. Intraday bias is back on the downside. Next target is 100% projection of 122.87 to 116.12 from 121.14 at114.39. On the upside, break of 117.77 resistance is needed to indicate short term bottoming. Otherwise, further fall is expected even in case of recovery.
In the bigger picture, there is no clear indication of trend reversal yet, with the cross staying well inside falling channel. Fall from 137.49 (2018 high) is still in progress for 109.48 (2016 low). Also, in any case, outlook will remain bearish as long as 122.87 resistance holds, in case of another rebound.
