Daily Pivots: (S1) 119.62; (P) 119.83; (R1) 120.06; More….
Intraday bias in EUR/JPY remains on the downside at this point. Fall from 112.87 should target 119.24 cluster level first (61.8% projection of 122.87 to 119.77 from 121.15 at 119.23). Break there will further affirm this bearish case and target 100% projection at 118.05 next. For now, near term outlook will remain bearish as long as 121.15 resistance holds, in case of recovery.
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.
