EUR/JPY’s Cluster Support
The cross didn’t manage to close under the cluster support of 132.04. Trading condition is neutral. If the whole 134.16 resistance holds, larger reduction is possible. Considering bearish divergence in daily MACD, sustained breach of 132.04/14 will indicate that bigger trend had reversed. Following pivot points include: (S1) 132.52; (P) 133.15; (R1) 133.79.
The prognosis might become bearish to 38.2% retracement at 128.38. Recoil from 132.04 will boost short term bullishness. Breach of 134.79 minor resistance will cause 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.