Daily Pivots: (S1) 114.68; (P) 114.91; (R1) 115.36; More…..
EUR/JPY formed a temporary low at 114.42, ahead of 100% projection of 122.87 to 116.12 from 121.14 at114.39. Intraday bias is turned neutral for consolidations. But recovery should be limited below 117.77 resistance to bring another fall. on the downside, break of 114.39 will resume larger down trend to 161.8% projection at 100.21.
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.