EUR/JPY’s Uptrend

Trading of the cross stays neutral. Sustained breach of 134.39/48 resistance area will indicate uptrend restoration. Short term prognosis is neutral. Following pivot points include: (S1) 132.04; (P) 132.29; (R1) 132.63.

Strong 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 127.55 key support level.

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.