Daily Pivots: (S1) 116.85; (P) 117.52; (R1) 118.46; More….
EUR/JPY recovered quickly after spiking lower to 116.56. Intraday bias is turned neutral for some consolidations first. Upside of recovery should be limited by 119.58 resistance to bring fall resumption. On the downside, break of 116.56 will resume larger down trend to 114.84 medium term support next. Though, break of 119.58 will indicate short term bottoming and bring stronger rebound.
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.
