Downside of EUR/JPY Should be Contained

Trading in the pair is neutral. A short term top was formed at 131.39. Pivot points are at: (S1) 130.31; (P) 130.59; (R1) 130.87.

Downside of the pair should be contained by support from 38.2% retracement of 122.39 to 131.39 at 127.95. Overcoming of 131.39 will confirm resumption of the growth. Further decline is not ruled out in the EUR/JPY pair.

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.