Daily Pivots: (S1) 118.04; (P) 118.39; (R1) 118.69; More….
EUR/JPY drops mildly today but stays above 117.67 temporary low. Intraday bias remains neutral for the moment and more consolidations could be seen. But even in case of another recovery, upside should be limited below 120.05 support turned resistance to bring fall resumption. On the downside, break of 117.67 will resume recent fall from 127.50 to 114.84 support next.
In the bigger picture, down trend from 137.49 is still in progress. It’s seen as a falling leg of multi-year sideway pattern. Deeper fall could be seen to 109.48 (2016 low and below). 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.
