Daily Pivots: (S1) 116.41; (P) 117.07; (R1) 117.78; More….

Focus is now on 115.86/116.12 support zone in EUR/JPY. Decisive break there will resume larger down trend. Next near term target will be 100% projection of 122.78 to 116.12 from 121.14 at 114.39. On the upside, though, break of 118.87 minor resistance will argue that consolidation from 115.86 is extending with another rising leg. Intraday bias will be turned back to the upside for 121.14 resistance.

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In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high). As long as 122.87 resistance holds, the down trend should extend to 109.48 (2016 low). However, sustained break of 122.87 will complete a double bottom (115.86, 116.12) which could indicate medium term bullish reversal.

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