Daily Pivots: (S1) 118.36; (P) 119.54; (R1) 120.15; More…

EUR/JPY’s decline accelerates to as low as 118.42 so far. Break of 118.62 low suggests larger down trend resumption. Intraday bias is staying on the downside. Next near term target is 100% projection of 123.35 to 120.05 from 121.37 at 118.07 and then 161.8% projection at 116.03. On the upside, break of 120.05 support turned resistance is needed to be the first sign of short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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In the bigger picture, down trend from 137.49 is still in progress with the cross staying well inside long term falling channel, and below falling 55 week EMA. Sustained 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 confirm medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

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