Trend Reversal in EUR/JPY is Possible

Technical Reports

Trading character of the cross is neutral. Choppy breach of 134.39/48 resistance zone will indicate uptrend restoration. Following pivot points include: (S1) 131.62; (P) 132.37; (R1) 132.74.

Choppy breach of 131.65 will affirm rejection from the fibonacci level of 134.20 and a short term reversal. Trading will turn up on the downside towards the key support of 127.55.

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.