EUR/JPY’s Short Term Bullishness
Pair’s trading became neutral as 4 hour MACD has surpassed the signal level. If 134.79 resistance is present, larger decrease is anticipated. Considering bearish divergence in daily MACD, choppy breach of 132.04 cluster support should suggest reversal, turning the forecast bearish to 38.2% retracement at 128.38. Following pivot points include: (S1) 132.11; (P) 133.13; (R1) 134.29.
Recoil from 132.04 will boost short term bullishness. Breach of 134.79 minor resistance will cause a repeat test of 137.49 maximum.
Basing on a bearish divergence condition in weekly EMA, medium term uptrend impulse has weakened. But, ending of the uptrend from 109.03 hasn’t been confirmed yet. Breach of 137.49 will align the resistance area of 141.04/149.76. Decisive breach of 132.04 will suggest long term reversal and cause larger decline towards repeat test of 124.08 key support.