Daily Pivots: (S1) 114.11; (P) 114.86; (R1) 115.29; More…..
Intraday bias in EUR/JPY remains on the downside at this point. Break of 100% projection of 122.87 to 116.12 from 121.14 at114.39 will pave the way to 161.8% projection at 100.21. On the upside, above 115.44 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 117.77 resistance holds, 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.
