EUR/JPY’s Retreat is Extending

The retreat from 134.39 is resuming. It has closed over the resistance turned support of 131.69. EUR/JPY’s prognosis stays bullish. Over 133.02 minor resistance trading will turn up on the upside. Following pivot points include: (S1) 131.44; (P) 132.84; (R1) 133.76.

Resilient breach of 134.20 fibonacci level will prolong the bigger uptrend for 141.04 resistance. Breach of 131.69 will mark medium term reversal and align key support level of 127.55.

If 124.08 resistance turned support stands, 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. Breach of 127.55 support will indicate medium term reversal.