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EUR/JPY was trading higher to 111.93 initially last week, but reversed and dipped to as low as 108.85. Our vision for next week bias remains mildly on the downside, EUR/JPY is continue to trade below that medium of the falling channel. Break will confirm resumption of the whole fall from 123.31 and should target 105.42/106.28 support zone. On the upside, break above 109.88 minor resistance will limits the bearish scenario and bring more consolidations above 108.01. Break of 105.42 will target 61.8% projection of 139.21 to 105.42 from 123.31 at 102.42 first. Though, note that break of 123.31 resistance will in turn revive the case that the medium term trend has reversed and will turn focus back to 139.21 resistance instead.
