Daily Pivots: (S1) 119.98; (P) 120.13; (R1) 120.26; More….
At this point, further decline remains in favor in EUR/JPY despite today’s recovery. Break of 119.24 support will resume the decline from 121.46 and should target 100% projection of 121.46 to 119.24 from 121.01 at 118.79. On the upside, break of 121.01 will bring retest of 121.46 instead.
In the bigger picture, the rebound from 115.86 medium term bottom is seen as a corrective rise only. In case of another rise, strong resistance should be seen from falling channel resistance (now at 125.14) to limit upside. Break of 117.07 support will be an early sign of resumption of down trend from 137.49 through 115.86 low.
