EUR/JPY’s Short Term Reversal

Technical Reports

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.