Daily Pivots: (S1) 119.77; (P) 120.21; (R1) 120.46; More….
EUR/JPY gyrates lower as consolidation from 121.46 is extending. Intraday bias remains neutral first. In case of deeper fall, downside should be contained by 119.11 support. On the upside break of 121.46 will resume the rise from 115.86 to 123.35 resistance next.
In the bigger picture, current development argues that a medium term bottom is formed at 115.86, on bullish convergence condition in daily MACD, ahead of 114.84 support. Decisive of 120.78 support turned resistance will affirm this case and bring further rise to falling channel resistance (now at 125.38). Reactions from there would decide whether the medium term trend has reversed. For now, further rise is expected as long as 117.07 support holds.
