Daily Pivots: (S1) 116.21; (P) 116.72; (R1) 117.66; More…..
EUR/JPY’s rebound from 114.42 resumed today and hits as high as 117.65 so far. Focus is now on 117.77 resistance. Decisive break there will confirm short term bottoming. Further rise would be seen back to 121.14 resistance next. Rejection by 117.77 will retain near term bearishness. Break of 115.32 support will bring retest of 114.42 low first.
In the bigger picture, the down trend from 137.49 (2018 high) is still in progress. EUR/JPY continues to stay well inside falling channel and below falling 55 week EMA. Deeper fall could be seen to retest 109.48 (2016 low) next. On the upside, break of 122.87 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
