Daily Pivots: (S1) 105.28; (P) 105.80; (R1) 106.33;
EUR/JPY is still bounded in range of 104.77/107.67. Intraday bias remains neutral. On the downside, below 104.77 should affirm that rise from 100.74 is completed at 107.67 already and should flip bias back to the downside for retesting 100.74 low. On the upside, however, above 107.67 will target 38.2% retracement of 123.31 to 100.74 at 109.36 instead.
In the bigger picture, whole down trend from 2008 high of 169.96 is still in progress. Sustained trading below 100 psychological level should pave the way to 100% projection of 139.21 to 105.42 from 123.31 at 89.52, which is close to 88.96 all time low. On the upside, break of 111.93 resistance is needed to be the first signal of medium term reversal. Otherwise, we'll stay bearish.