Daily Pivots: (S1) 117.13; (P) 118.18; (R1) 118.81; More….
Rejection but falling 4 hour 55 EMA is a sign of near term bearishness. But EUR/JPY is holding above 115.86/116.12 support zone. Intraday bias remains neutral first. Downside breakout in in favor and sustained trading below 115.86 will confirm resumption of larger down trend from 137.49. Nevertheless, break of 121.39 resistance will turn bias back to the upside for 122.87 resistance.
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 rejected by 55 week EMA. Break of 115.86 will extend the down trend from 137.49 (2018 high) to 109.48 (2016 low) next.
