Bigger Retreat in EUR/JPY

Another increase towards 61.8% projection of 114.84 to 125.80 from 122.39 at 129.16 favors if the whole 127.43 minor support is present. Firm resistance between 129.16 and level of a medium term projection at 129.89 might cause near term topping. Following pivot points include: (S1) 128.05; (P) 128.51; (R1) 128.98.

Under 1.2743, bigger retreat will head towards 125.80 resistance turned support.

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.