Daily Pivots: (S1) 121.37; (P) 121.58; (R1) 121.88; More….
EUR/JPY recovers further today but stays below 122.65 resistance. Intraday bias remains neutral first. Consolidation might extend but downside should be contained above 119.99 support to bring another rally. On the upside, break of 122.65 will target 123.35 resistance first. Break will target key channel resistance (now at 124.33).
In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Rise from 115.86 is seen as a corrective rise for the moment. Strong resistance could be seen at falling channel resistance (now at 124.72) to limit upside. However, sustained break of the channel resistance will carry larger bullish implication and target 127.50 key resistance next.