EUR/JPY’s Medium Term Uptrend
The cross increased to 134.76. Breach of 134.39 resistance suggests restoration of a medium term uptrend. Trading is on the upside. Rally from 132.04 will head towards 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12. Following pivot points include: (S1) 133.86; (P) 134.32; (R1) 135.04.
Daily MACD should hit downtrend line. Upside boost is expected. Under 133.91 minor support, trading will turn up in the neutral position. If the key support of 132.04 stands, prognosis remains bullish.
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 132.04 support will indicate medium term reversal. Prognosis will become bearish towards larger decline for 127.82 (55 day EMA).