EUR/JPY’s Consolidation Resuming

Trading tone of the cross is neutral. The consolidation from 130.76 is resuming. If further decline occurs, the accumulation of support 127.43 should restrain the downside and cause a recoil. Following pivot points include: (S1) 129.51; (P) 130.04; (R1) 130.84.

Over 130.76, bigger rally will head towards another 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.