EUR/JPY’s Short Term Trend
The cross created a short term minimum at 133.96 and recommenced. Trading became neutral. According to bearish divergence in daily MACD, there have been a short term trend reversal. Following pivot points include: (S1) 134.45; (P) 135.11; (R1) 136.26.
Larger fall is projected. Under 133.96, EUR/JPY will align a cluster support of 132.04. Sustained breach in that area will confirm deeper trend reversal.
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.