EUR/JPY’s Corrective Trading
Trading character is neutral. Corrective trading under the short term top of 134.37 prevails. Medium term uptrend should expand. Breach of 134.48 will align 61.8% projection of 127.55 to 134.48 from 131.16 at 135.44 and 100% projection at 138.09. Following pivot points include: (S1) 133.07; (P) 133.55; (R1) 133.85.
Sustained breach of 131.16 support will point out short term reversal and prognosis will become bearish till the key support level of 127.55.
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.