EUR/JPY’s Recommencement

The cross has recommenced. Trading is neutral. A temporary top has been formed at 134.48 after facing a long term fibonacci level of 134.20. Larger decline should align 38.2% retracement of 114.84 to 134.48 at 126.97 near 127.55 support. Support from that area will cause recoil. Following pivot points include: (S1) 131.36; (P) 131.91; (R1) 132.66.

Strong breach of 134.48 will indicate 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.