EUR/JPY’s Larger Retreat

Trading character of the cross is neutral till consolidation under the short term top of 135.62. Another lift is expected. Following pivot points include: (S1) 134.81; (P) 135.15; (R1) 135.51.

Breach of 135.62 will enlarge the medium term rally for 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12. Break of 4 hour 55 EMA will cause larger retreat towards 134.37 support and lower.

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).