EUR/JPY’s Key Support
Trading character of the cross is neutral. Key support of 131.65 is in focus. Firm breach of 131.65 will argue rejection from the fibonacci level of 134.20 and a short term reversal. If that happens, trading will turn up on the downside towards key support of 127.55. Following pivot points include: (S1) 131.64; (P) 131.95; (R1) 132.38
If further lift occurs, sustained breach of 134.39/48 resistance zone will suggest 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.