EUR/JPY’s Downside

Technical Reports

Trading of the cross is still neutral. If the whole 133.03 support is present, prognosis remains bullish. Breach of 136.63 will extend medium term uptrend. Following pivot points include: (S1) 134.37; (P) 134.85; (R1) 135.39.

Break of 133.03 should reach 55 day EMA and medium term channel support, which would in turn confirm medium term reversal. In that case, larger decline should align 132.04 support.

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. If EUR/JPY pulls back strongly, the prognosis will remain bullish.