Daily pivots: (S1) 117.02; (P) 117.40, (R1) 117.77; More….
The intraday EUR / JPY bias became neutral with today’s downturn. The rebound from the short-term low of 115.44 is in favor of the continuation. Upward, the breakout of 117.77 will target the next resistance at 119.00. A prolonged break there will indicate that the fall of 122.87 is over and will make the outlook bullish. On the downside, the breakout of 115.44 will rather resume a more significant downward trend.
Overall, there is still no clear indication of a trend reversal, the cross staying well inside the bearish channel. The decline of 137.49 (2018 high) is still underway for 109.48 (2016 low). In addition, in all cases, the outlook will remain bearish as long as the resistance at 122.87 is maintained, in the event of a further rebound.