Daily Pivots: (S1) 120.03; (P) 120.22; (R1) 120.40; More….
Intraday bias in EUR/JPY remains neutral for consolidation above 119.77 temporary low. Upside of recovery should be limited by 121.26 resistance to bring fall resumption. As noted before, corrective rise from 115.86 should be completed at 122.87, on bearish divergence condition in daily MACD. On the downside, break of 122.87 will pave the way to retest 115.86 low.
In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Thus, outlook remains bearish. Rise from 115.86 is seen as a corrective rise, which might have completed. Firm break of 115.86 will resume the down trend to 114.84 support next.
