Daily Pivots: (S1) 121.26; (P) 121.69; (R1) 122.45; More….
Intraday bias in EUR/JPY is mildly on the upside for the moment. Consolidation from 120.78 is in progress with rise from 120.95 as the third leg. Upside should be limited below 123.73 resistance to bring fall resumption eventually. On the downside, firm break of 120.78 will resume the decline from 127.50 and target 118.62 low next.
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.
