EUR/JPY’s Short Pull Back

The cross broke 134.87 towards 134.97 but shortly pulled back. Upside impulse is feeble. Trading tone is neutral.

If 132.04 support is present, short term prognosis remains bullish. Over 134.87, medium term rally will expand and EUR/JPY will align 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12.

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).