EUR/JPY’s Key Support Level
Trading stance of the cross is neutral. Corrective trading under the short term top of 134.37 remains. 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) 132.84; (P) 133.29; (R1) 133.58.
Decisive 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.