Daily Pivots: (S1) 117.66; (P) 118.35; (R1) 119.18; More….
EUR/JPY is staying in consolidation from 115.86. Stronger rise could be seen to 121.14 resistance. On the downside, through, decisive break of 115.86 will confirm larger down trend resumption.
In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high), as well as falling 55 week EMA. As long as 122.87 resistance holds, the down trend form 137.49 should extend to 109.48 (2016 low). However, sustained break of 122.87 will indicate medium term bullish reversal.
