Daily Pivots: (S1) 117.53; (P) 118.02; (R1) 118.32; More…..
EUR/JPY’s break of 117.36 suggests temporary topping at 118.52 and intraday bias is turned neutral first. Another rise could still be seen as long as 115.32 support holds. Break of 118.52 will target 121.14 resistance next. However, break of 115.32 should confirm completion of rebound from 114.42 and bring retest of this low.
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.