EUR/JPY’s Corrective Trading Prevails
Trading character of the cross is neutral. The corrective trading from 134.39 prevails. If 131.69 support stands, prognosis remains bullish. Over 133.02 minor resistance trading will turn up on the upside. Following pivot points include: (S1) 131.86; (P) 132.23; (R1) 132.71.
Strong breach of 134.20 fibonacci level will enlarge the bigger uptrend for 141.04 resistance. Breach of 131.69 will argue 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.