EUR/JPY’s Short Recommencement
The decline has extended after a short recommencement. Trading is on the downside. According to bearish divergence in daily MACD, there have been a short term trend reversal. Larger fall towards the cluster support of 132.04 is projected. Following pivot points include: (S1) 133.31; (P) 134.57; (R1) 135.33.
Sustained breach should confirm deeper reversal. Over 135.83 minor resistance, 137.49 resistance will be aligned.
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.