Daily Pivots: (S1) 115.21; (P) 115.48; (R1) 115.91; More…..
EUR/JPY’s recovery from 114.42 continues today but outlook remains unchanged. Intraday bias remains neutral and upside should be limited well below 117.77 resistance to bring down trend resumption. On the downside, break of 114.42 should target 161.8% projection of 122.87 to 116.12 from 121.14 at 110.21 next.
In the bigger picture, the down trend from 137.49 (2018 high) is still in progress. EUR/JPY continues to stay well inside falling channel and below falling 55 week EMA. Deeper fall could be seen to retest 109.48 (2016 low) next. On the upside, break of 122.87 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.
