Daily Pivots: (S1) 116.21; (P) 116.72; (R1) 117.66; More…..
EUR/JPY’s break of 117.77 resistance today confirms short term bottoming at 114.42. More importantly, whole decline from 122.87 might be completed too. Intraday bias stays on the upside for 121.14 resistance next. On the downside, break of 115.32 support is needed to indicate completion of the rebound. Otherwise, another rise will remain in favor even in case of retreat.
In the bigger picture, the down trend from 137.49 (2018 high) is still in progress. EUR/JPY continues to stay well inside falling channel and below falling 55 week EMA. Deeper fall could be seen to retest 109.48 (2016 low) next. On the upside, break of 122.87 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.