Daily Pivots: (S1) 120.56; (P) 121.31; (R1) 121.69; More….
Intraday bias in EUR/JPY remains on the downside as this point. Current fall from 127.50 is targeting a retest on 118.62 low next. On the upside, above 122.08 support turned resistance will turn intraday bias neutral first. But recovery should be limited below 123.73 resistance to bring fall resumption.
In the bigger picture, down trend from 137.49 is still in progress with the cross staying inside long term falling channel. Break of 118.62 will extend the fall to 109.48 (2016 low). On the upside, break of 123.73 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.
