EUR/JPY Recommenced

The cross hit support from 55 day EMA and recommenced. Trading is on the upside towards a repeat test of 125.80/126.09 resistance zone. Breach of 126.09 will expand the intact recoil from 109.03 to 100% projection of 109.03 to 124.08 from 114.84 at 129.89. Following pivot points include: (S1) 122.78; (P) 123.25; (R1) 124.10.

If further drop occurs, firm support from 38.2% retracement of 114.84 to 125.80 at 121.61 should draw recoil and lift restoration.

126.09 support turned resistance is in the spotlight. Choppy breach in that area will argue conclusion of the downtrend from 149.76. Increase from 109.20 must head towards 141.04 resistance and higher. Rejection from 126.09 as well as breach of 114.84 will push the decline from 149.76 through the minimum of 109.20.