Daily Pivots: (S1) 117.83; (P) 118.16; (R1) 118.45; More….
EUR/JPY is bounded in consolidation from 117.51. Intraday bias remains neutral at this point. With 119.87 resistance intact, near term outlook remains bearish. On the downside, break of 117.51 will resume the large down trend to 114.84 support next. However, break of 119.87 resistance will indicate short term bottoming. Stronger rebound should be seen to 55 day EMA (now at 120.67).
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 confirm medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.