EUR/JPY’s Consolidation From Near Term Top

The cross is confined inside of consolidation from the near term top of 130.76. Trading condition is neutral. Bigger decline is expected. Following pivot points include: (S1) 128.85; (P) 129.15; (R1) 129.58).

The accumulation of support 127.43 should restrain the downside and cause recoil. Over 130.76, bigger rally will head 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.