Trend Reversal in EUR/JPY is Awaited
Trading of the cross is still neutral. If 131.69 support is present, short term prognosis remains bullish. Firm breach of 134.20 fibonacci level will expand bigger uptrend for 141.04 resistance. Following pivot points include: (S1) 131.93; (P) 132.21; (R1) 132.58.
Breach of 131.69 will mark 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.