EUR/JPY’s 55 Day EMA
The cross is bounded inside of consolidation under the 136.63 level. Trading tone is neutral. If the whole 133.03 support is present, short term forecast remains bullish. Breach of 136.63 should restore medium term uptrend. Following pivot points include: (S1) 134.89; (P) 135.46; (R1) 136.11.
Break of 133.03 should hit 55 day EMA and medium term channel support. Basing on a bearish divergence in daily MACD, medium term reversal is awaited. 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.