EUR/JPY’s Consolidation Progression
Trading character of the cross is neutral. The consolidation from 130.76 is progressing. Larger decrease is awaited. Following pivot points include: (S1) 129.09; (P) 129.42; (R1) 129.77.
The accumulation of support 127.43 should restrain the downside and draw recoil. Over 130.76, bigger rally will head towards further key fibonacci level of 134.20.
The downtrend from 149.76 has concluded at 109.03. Another increase should align 61.8% retracement of 149.76 to 109.03 at 134.20. Firm breach in that spot will head towards the key long term resistance zone of 141.04/149.76. If 124.08 resistance turned support stands, medium term prognosis stays bullish.