Daily Pivots: (S1) 120.09; (P) 120.53; (R1) 120.80; More….
Intraday bias in EUR/JPY remains on the downside at this point. Corrective rise from 119.24 could have completed at 121.01. Deeper fail would be seen towards 119.24. Still, 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.
