Daily Pivots: (S1) 121.65; (P) 121.84; (R1) 122.05; More….
EUR/JPY’s correction from 122.87 short term top is in progress. Intraday bias remains on the downside for 55 day EMA (now at 121.18). Break there will target 120.17 structural support. On the upside, above 122.01 minor resistance will turn bias back to the upside for 122.87 resistance.
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 to limit upside. However, sustained break of the channel resistance will carry larger bullish implication and target 127.50 key resistance next.