EUR/JPY’s Trading is Slightly on The Upside
Trading of the cross is slightly on the upside towards the resistance zone of 125.80/126.09. Sharp 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) 123.61; (P) 124.03; (R1) 124.52.
If further decline occurs, firm support from 38.2% retracement of 114.84 to 125.80 at 121.61 should lead to recoil and restoration of increase.
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.