Daily Pivots: (S1) 122.13; (P) 122.45; (R1) 122.71; More….
With 4 hour MACD crossed below signal line, intraday bias in EUR/JPY is turned neutral first. Downside of retreat should be contained by 121.52 minor support to bring another rise. On the upside, break of 122.65 will extend whole rise from 115.86 to medium term channel resistance (now at 124.06). Sustained break there will carry larger bullish implication.
In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Rise from 115.86 is seen as a corrective rise for the moment. Strong resistance could be seen at falling channel resistance to limit upside. However, sustained break of the channel resistance will carry larger bullish implication and target 127.50 key resistance next.
