Daily Pivots: (S1) 117.09; (P) 117.63; (R1) 117.99; More….
Intraday bias in EUR/JPY remains on the downside at this point. Current down trend is targeting 114.84 medium term support next. On the upside, above 118.33 minor resistance will turn intraday bias neutral and bring more consolidations, before staging another fall.
In the bigger picture, down trend from 137.49 (2018 high) 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 123.35 resistance is needed to the first sign medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.
