EUR/JPY’s Upside Impulse Vanishing

The rally resumed, despite the fact that upside impulse is vanishing. Trading stays on the upside. Actual rally should head towards 100% projection of 114.84 to 125.80 from 122.39 at 133.35. Following pivot points include: (S1) 129.70; (P) 130.04; (R1) 130.33.

Breach of 127.99 support should suggest near term topping. If EUR/JPY pulls back, prognosis stays bullish.

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.