Daily Pivots: (S1) 118.63; (P) 119.04; (R1) 119.36;More….
EUR/JPY’s sharp fall today and strong break of 118.46 support confirms resumption of whole decline from 122.87. Intraday bias now on the downside for 115.86 low first. Decisive break there will confirm larger down trend resumption. Next near term target will be 161.8% projection of 122.87 to 118.46 from 121.39 at 114.25. On the upside, break of 118.46 support turned resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
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 rejected by 55 week EMA. Break of 115.86 will extend the down trend from 137.49 (2018 high) to 109.48 (2016 low) next.