Short Term Top Was Formed in EUR/JPY

Trading in the pair is on the downside for 38.2% retracement of 122.39 to 131.39 at 127.95. Pivot points are at: (S1) 129.25; (P) 130.03; (R1) 130.47.

A short term top was formed in the pair at 131.39. Downside of the pair should be contained by support from 127.95. Overcoming of 131.39 point out up trend resumption.

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.