EUR/JPY’s Consolidation is Progressing
Trading of the cross stays neutral. The consolidation from 125.80 is progressing. If further drop occurs, 38.2% retracement of 114.84 to 125.80 at 121.61 should fill the downside, causing recoil and a surge restoration. Following pivot points include: (S1) 123.87; (P) 124.16; (R1) 124.67.
Sustained breach of 126.09 resistance will enlarge the intact recoil from 109.03 to 100% projection of 109.03 to 124.08 from 114.84 at 129.89.
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.