Restoration of EUR/JPY’s Bigger Uptrend

Technical Reports

The cross has hit the maximum of 137.23. Breach of 136.63 resistance proves restoration of bigger uptrend. Trading is on the upside towards 100% projection of 132.04 to 136.63 from 134.12 at 138.71. Following pivot points include: (S1) 135.84; (P) 136.39; (R1) 137.36.

Break of 134.12 support should point out short term reversal. If EUR/JPY pulls back, projection 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. If EUR/JPY pulls back strongly, the prognosis will remain bullish.