Daily Pivots: (S1) 116.04; (P) 116.91, (R1) 118.27; More….
EUR/JPY’s strong rebound and break of 117.21 resistance suggest short term bottoming at 115.44, on bullish convergence condition in 4 hour MACD. Intraday bias is now on the upside for stronger rebound towards 119.00 resistance. On the downside, break of 115.44 will resume larger down trend instead.
In the bigger picture, down trend from 137.49 (2018 high) is possibly resuming. Medium term bearishness is maintained with the cross staying well inside falling channel established since 137.49 (2018 high), as well as below falling 55 week EMA. Next downside target will be 109.48 (2016 low). In any case, outlook will remain bearish as long as 122.87 resistance holds, in case of rebound.
