EUR/JPY’s Fibonacci Level

Trading tone of the cross is neutral towards consolidation under the near term top of 130.76. Larger drop is awaited. Following pivot points include: (S1) 128.57; (P) 129.04; (R1) 129.49.

The accumulation of support 127.43 should restrain the downside and lead to recoil. Over 130.76, bigger rally will prolong towards further key fibonacci level of 134.20.

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.