Progression of EUR/JPY’s Retreat
Retreat from 136.63 is progressing. The resistance turned support of 134.39 will restrain the downside and cause further rally. Following pivot points include: (S1) 134.87; (P) 135.59; (R1) 136.05.
Over 136.63, the bigger uptrend will align 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12. Strong breach of 134.39 will suggest reversal and the key support of 132.04 will be in the spotlight.
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. The prognosis will remain bullish.