EUR/JPY’s Resistance Zone
Trading of the cross stays neutral towards consolidative trading under the maximum of 134.39. If 131.69 support stands, short term prognosis remains bullish. Strong breach of 134.20 fibonacci level will resume bigger uptrend for 141.04 resistance. Following pivot points include: (S1) 132.28; (P) 132.55; (R1) 132.87.
Breach of 131.69 will confirm medium term reversal and head towards key support level of 127.55.
The lift from 109.03 has hit the 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.