EURJPY is bearish since the price bounced off from 121.30. Currently both currencies in the pair are quite strong in fundamental perspective. Today in the Tokyo session, JPY Flash Manufacturing PMI was published at 53.5 which was expected to be 52.1. It pushed JPY into a greater strength against EUR. Later EUR also had some mixed news outcomes, German Flash Manufacturing PMI was published at 57.0 which was expected to be 56.2. French Flash Manufacturing PMI was published at 52.3 which was expected to be 53.5 and EUR Flash Manufacturing PMI at 55.5 which was expected to be 55.0. EUR is having quite positive outcomes of the fundamental events today but still JPY is strengthening against EUR and it is expected, as per price action context, that the price will reach much lower points soon.
Now let us look at the technical view of the market, the bears are in total control in the EUR/JPY pair after 121.30 was rejected with confluence to 20 EMA. At the moment the price is very close to the support level 119.50 and if the support level is broken with a daily close below, it is expected that the price will reach the 116.50-30 support area. On the other hand, if we observe any rejection off the support 119.50 we will be looking forward to buy but with caution as the bears currently control this pair.