Daily pivots: (S1) 118.00; (P) 118.85; (R1) 119.50; More….
No change in the EUR / JPY outlook and the intraday bias remains neutral for the time being. Consolidation from 115.86 could continue with a further increase. On the upside, the breakout of 121.39 will target a resistance of 122.87. On the downside, a sustained break out of 115.86 will indicate a resumption of the larger downtrend.
Overall, the outlook remains bearish, the cross remaining well in the bearish channel established since 137.49 (2018 high). As long as the resistance at 122.87 remains, the downtrend should sooner or later resume at 114.84 support thereafter. However, a sustained break out of 122.87 will complete a double floor (115.86, 116.12) which could indicate a bullish reversal in the medium term.