Daily Pivots: (S1) 119.72; (P) 120.15; (R1) 120.55; More….
EUR/JPY lost downside momentum after hitting 119.41 and recovered. Intraday bias is turned neutral first. On the downside, below 119.41 will target 118.46 support. Firm break there will resume whole fall from 122.87. On the upside, above 121.39 will revive near term bullish and target a retest on 122.87 high instead.
In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high). It was also just rejected by 55 week EMA. Break of 115.86 will extend the down trend from 137.49 (2018 high) to 114.84 support next.
