EUR/JPY Daily Outlook

[Forex-Outlook]

EUR/JPY's sharp fall from 122.27 suggests that a temporary top is formed there and turns bias neutral. While the stronger than expected rebound from 110.69 dampens our immediate bearish view, upside is still limited below 122.35 support turned resistance. Structurally, such rebound from 110.69 could still be viewed as a correction. Below 117.39 minor support will suggest that such correction is completed and will flip intraday bias back to the downside for retesting 110.69 low. On the upside, above 122.27 will bring another rise and will put focus back to whether EUR/JPY could sustain momentum to get through 127.88 key resistance.

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