EUR/JPY’s Temporary Topping

Technical Reports

The drop from 134.70 hit the minimum of 133.96. Break of 134.12 support indicates temporary topping. There might have been a short term reversal, on bearish divergence in daily MACD. Following pivot points include: (S1) 134.20; (P) 135.68; (R1) 136.45.

Trading of the cross turned up on the downside to the cluster support of 132.04. Over 135.29 minor resistance trading will become neutral.

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 and cause larger decline for the key medium term support of 124.08.