Daily Pivots: (S1) 116.58; (P) 117.00; (R1) 117.37; More….
Intraday bias in EUR/JPY is turned neutral with 4 hour MACD crossed above signal line. On the downside decisive break of 115.86/116.12 support zone will confirm larger down trend resumption. On the upside, break of 119.03 will extend recent consolidation from 115.86 with another rise leg.
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 below 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.
