EUR/JPY’s Short Term Reversal
The key support level of 131.65 is in the spotlight. Strong breach in that place will point out rejection from fibonacci level of 134.20, conclusion of a top pattern and a short term reversal. 55 day EMA is aligned. Following pivot points include: (S1) 131.45; (P) 131.86; (R1) 132.28.
Larger fall should head towards key support of 127.55. Sustained breach of 134.39/48 resistance zone will argue uptrend restoration.
A medium term growth 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. Prognosis will become bearish towards larger decline for support zone of 114.84/124.08.