EUR/JPY’s Key Support

Technical Reports

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.