EUR/JPY’s Significant Increase

The cross has significantly increased. Still, it’s sticking under 125.80 resistance. Trading remains neutral. The consolidation from 125.80 can enlarge. Following pivot points include: (S1) 124.14; (P) 124.42; (R1) 124.83.

Under 123.65 minor support, further drop will target 122.39. If that happens, 38.2% retracement of 114.84 to 125.80 at 121.61 should fill the downside, drawing recoil and restoration of growth. Resilient breach of 125.80/126.09 resistance zone will prolong 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.