EUR/JPY’s Top Pattern is Doubled
Trading condition of the cross is neutral. Firm breach of 131.65 will suggest rejection from 134.20 fibonacci level and short term trend reversal. It will also double top pattern. Following pivot points include: (S1) 132.66; (P) 132.90; (R1) 133.24.
55 day EMA is aligned. Larger fall should head towards key support of 127.55. Choppy breach of 134.39/48 resistance zone will argue uptrend restoration. Short term prognosis is cautiously neutral.
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.