Daily Pivots: (S1) 120.49; (P) 120.75; (R1) 120.99; More….
EUR/JPY’s break of 120.41 minor support suggests that rebound from 119.24 has completed. Intraday bias is turned to the downside for another fall. But overall, near term outlook will remain bullish as long as 119.11 support holds. Larger rise from 115.86 is still in favor to resume through 121.46 at a later stage.
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.