Daily Pivots: (S1) 118.04; (P) 118.39; (R1) 118.69; More….
EUR/JPY’s breach of 117.67 suggests resumption of recent decline. Intraday bias is back on the downside. Current downtrend should target 114.84 support next. On the upside, above 118.74 minor resistance will turn intraday bias neutral and bring consolidations again first.
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.
