Daily Pivots: (S1) 120.47; (P) 120.61; (R1) 120.82; More….

Intraday bias in EUR/JPY remains on the upside at this point. Rebound from 119.24 is in progress for retesting 121.46 resistance first. Break will resume larger rally from 115.86 to 123.35 resistance next. On the downside, below 120.41 minor support will turn intraday bias neutral again. But overall near term outlook will remain bullish as long as 119.11 support holds.

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In the bigger picture, the rebound from 115.86 medium term bottom is seen as a corrective rise only. In case of another rise, strong resistance should be seen from falling channel resistance (now at 125.14) to limit upside. Break of 117.07 support will be an early sign of resumption of down trend from 137.49 through 115.86 low.

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