EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.28; (P) 120.48; (R1) 120.87; More….

Intraday bias in EUR/JPY is turned neutral with current recovery. On the upside, break of 121.01 will bring retest of 121.46 resistance first. Break there will resume whole rise from 115.86 low. On the downside, below 119.99 will target 119.24 support next.

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.