Daily Pivots: (S1) 115.47; (P) 116.16; (R1) 116.67; More….
Intraday bias in EUR/JPY remains on the downside at this point. Sustained trading below 115.86 low will confirm larger down trend resumption. Next near term target will be 100% projection of 121.14 to 116.33 from 119.00 at 114.19. On the upside, however, break of 117.21 minor resistance will indicate short term bottoming and turn bias to the upside for rebound.
In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high), as well as below falling 55 week EMA. As long as 122.87 resistance holds, the down trend form 137.49 should extend to 109.48 (2016 low). However, sustained break of 122.87 will indicate medium term bullish reversal.
