The EUR/JPY’s Trading is Limited

Trading of the cross is still neutral and the pair is staying in a range of 131.73/134.39. 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) 132.59; (P) 133.04; (R1) 133.28.

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.