Daily Pivots: (S1) 120.98; (P) 121.47; (R1) 121.87; More….
Intraday bias in EUR/JPY remains on the downside at this point. Decisive break of 120.78 support will resume the larger decline from 127.50 will target 118.62 low next. On the upside, above 122.17 minor resistance delay the bearish case, turn intraday bias neutral and bring more consolidations first.
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 127.50 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.
