EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.45; (P) 119.88; (R1) 120.13; More….

EUR/JPY’s fall form 122.87 is still in progress nand intraday bias remains on the downside for 119.24 cluster level first (61.8% projection of 122.87 to 119.77 from 121.15 at 119.23). Break there will further affirm the bearish case and target 100% projection at 118.05 next. For now, near term outlook will remain bearish as long as 121.15 resistance holds, in case of recovery.

In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Thus, outlook remains bearish. Rise from 115.86 is seen as a corrective rise, which might have completed. Firm break of 115.86 will resume the down trend to 114.84 support next.