EUR/JPY‘s Potential Pull Back
Trading of the cross is slightly on the upside towards 100% projection of 132.04 to 136.63 from 134.12 at 138.71. Following pivot points include: (S1) 136.73; (P) 137.11; (R1) 137.57.
Break of 134.12 support should confirm short term reversal. 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. If EUR/JPY pulls back strongly, the prognosis will remain bullish.