Further Reduction in EUR/JPY
Trading of the cross is still slightly on the upside towards the resistance zone of 125.80/126.09. Choppy breach of 126.09 will prolong the entire recoil from 109.03 to 100% projection of 109.03 to 124.08 from 114.84 at 129.89. Following pivot points include: (S1) 124.08; (P) 124.29; (R1) 124.52.
If further decline 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.