Daily Pivots: (S1) 116.27; (P) 116.74; (R1) 117.05; More….
Further decline remains mildly in favor in EUR/JPY with 117.41 minor resistance intact. Focus stays on 115.86/116.12 support zone. Decisive break there will confirm larger down trend resumption. On the upside, break of 117.41 minor resistance will turn intraday bias to the upside, and extend consolidation form 115.86 with another rising 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.
