Daily Pivots: (S1) 119.36; (P) 119.95; (R1) 120.49; More….
At this point, further fall is mildly in favor in EUR/JPY to retest 118.46 support. Break will resume whole decline from 122.87. On the upside, above 120.53 minor resistance will turn bias neutral first. Further break of 121.39 will resume the rebound to retest 122.87 high instead.
In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high). It was also just rejected by 55 week EMA. Break of 115.86 will extend the down trend from 137.49 (2018 high) to 114.84 support next.