EUR/JPY’s Projection

Trading state of the cross is neutral towards the consolidation under temporary top of 128.82. 126.47 support should fill the downside of a pull back, drawing a restoration of growth. Following pivot points include: (S1) 127.66; (P) 128.13; (R1) 128.82.

Over 128.82, EUR/JPY will head towards 61.8% projection of 114.84 to 125.80 from 122.39 at 129.16, near the level of a medium term projection (129.89).

The breach of 126.09 support turned will argue conclusion of the downtrend from 149.76 at 109.03. Increase from 109.03 must head towards 100% projection of 109.03 to 124.08 from 114.84 at 129.89. Breach in that area will align 61.8% retracement of 149.76 to 109.03 at 134.20 and higher. If 122.39 support is present, medium term prognosis stays bullish.