Daily Pivots: (S1) 119.97; (P) 120.17; (R1) 120.43; More….
EUR/JPY is staying in consolidation fro m119.77 temporary low and intraday bias remains neutral first. In case of stronger recovery, upside should be limited below 121.26 resistance to bring fall resumption. As noted before, corrective rise from 115.86 should be completed at 122.87, on bearish divergence condition in daily MACD. On the downside, break of 119.77 will pave the way to retest 115.86 low.
In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Thus, outlook remains bearish. Rise from 115.86 is seen as a corrective rise, which might have completed. Firm break of 115.86 will resume the down trend to 114.84 support next.
