EUR/JPY Continues To Recoil

The cross keeps recoiling, but it remains inside of 131.65/134.48 diapason. Trading stays neutral. Sustained breach of 134.39/48 resistance zone will argue restoration of a medium term uptrend. If that happens, 141.04 resistance will be aligned. Following pivot points include: (S1) 132.93; (P) 133.38; (R1) 134.29.

Strong breach of 131.65 will indicate rejection from the fibonacci level of 134.20 as well as 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.