Restoration of EUR/JPY’s Uptrend

The breach of 133.85 resistance suggests that correction from 134.48 could have ended at 131.16. Trading is on the upside towards 134.48. Sustained breach in that area will indicate uptrend restoration. Following pivot points include: (S1) 132.91; (P) 133.52; (R1) 134.56.

61.8% projection of 127.55 to 134.48 from 131.16 at 135.44 as well as 100% projection at 138.09 will become the next target. Under 133.23 minor support the bullishness will be subdued and trading will turn up in the neutral position.

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.