EUR/JPY’s Further Decline

The cross is sticking under the 130.76 level. Trading stays neutral. Consolidation from 130.76 might enlarge. Following pivot points include: (S1) 129.19; (P) 129.73; (R1) 130.67.

If further decline occurs, the accumulation of support 127.43 should restrain the downside and lead to 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.