Daily Pivots: (S1) 117.82; (P) 118.25; (R1) 118.59; More….
EUR/JPY is possibly in the third leg of the consolidation from 115.86. Intraday bias is mildly on the upside for 121.14 resistance. Break of target 122.87 key resistance. On the downside, break of 117.45 minor support will bring retest of 115.86 key support instead.
In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high), as well as falling 55 week EMA. As long as 122.87 resistance holds, the down trend form 137.49 should extend to 109.48 (2016 low). However, sustained break of 122.87 will indicate medium term bullish reversal.