EUR/JPY’s fall resumed after brief recovery and reaches as low as 111.28 so far. Intraday bias is back to the downside and further decline should be seen to retest 110.69 low first. Break will confirm that whole fall from 127.88 has resumed and should target next key level at 61.8% projection of 169.96 to 112.10 from 139.21 at 103.45. On the upside, however, break of 115.47 will argue that a short term bottom is formed and bring stronger rebound towards 122.27 resistance instead.
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