Daily Pivots: (S1) 120.24; (P) 120.47; (R1) 120.74; More….
EUR/JPY’s is in progress and intraday bias remains on the downside. Current decline from 127.50 should target 118.62 low next. Break will resume medium term down trend. On the upside, above 120.78 minor resistance will turn intraday bias neutral and bring consolidation first. But outlook will stay bearish as long as 122.32 resistance holds.
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.