EUR/JPY’s Actual Medium Term Rally

Trading of the cross stays on the upside if the entire minor support of 134.53 is present. Actual medium term rally should align 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12. Following pivot points include: (S1) 135.01; (P) 135.32; (R1) 135.70.

Under 134.53 minor support, 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 132.04 support will indicate medium term reversal. Prognosis will become bearish towards larger decline for 127.82 (55 day EMA).