EUR/JPY’s Rally Extended
The rally in the cross has extended after a short consolidation. Trading is on the upside. Actual medium term rally should reach 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12. Following pivot points include: (S1) 135.31; (P) 135.84; (R1) 136.58.
Breach of 134.79 support should suggest formation of a near term top. If EUR/JPY pulls back, prognosis stays 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).