Daily Pivots: (S1) 117.39; (P) 117.67; (R1) 118.02; More….

EUR/JPY’s recovery from 116.33 should have completed at 119.03. Intraday bias stays mildly on the downside for retesting 115.86/33 key support zone. On the upside, break of 119.03 will extend recent consolidation form 115.86 with another rise leg.

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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 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.

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