EUR/JPY’s Downside Trading
The drop from 137.49 keeps expanding. Trading of the cross stays on the downside for cluster support of 132.04. Following pivot points include: (S1) 132.48; (P) 133.63; (R1) 134.34.
According to bearish divergence in daily MACD, firm breach should confirm deeper reversal. Over 134.79 minor resistance trading will turn up in the neutral position.
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.