Daily Pivots: (S1) 115.94; (P) 116.66, (R1) 117.06; More….

Intraday bias in EUR/JPY remains neutral at this point. The rebound from 115.44 short term bottom is in favor to continue. On the upside, break of 117.77 will target 119.00 resistance next. Sustained break there will indicate that whole fall from 122.87 has completed and turn outlook bullish. On the downside, break of 115.44 will resume larger down trend instead.

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In the bigger picture, there is no clear indication of trend reversal yet, with the cross staying well inside falling channel. Fall from 137.49 (2018 high) is still in progress for 109.48 (2016 low). Also, in any case, outlook will remain bearish as long as 122.87 resistance holds, in case of another rebound.


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