EUR/JPY Daily Outlook

Daily Pivots: (S1) 118.16; (P) 119.41; (R1) 120.44; More….

Intraday bias in EUR/JPY is turned neutral after current strong recovery. But further fall is expected with 121.39 resistance intact. larger rebound from 115.86 should have completed at 122.87. Break of 118.37 will target 100% projection of 122.87 to 118.46 from 121.39 at 116.98 next.

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.