EUR/JPY’s Downside Impulse is Weak
Downside impulse of the cross is weak. If the whole 133.05 resistance holds, short term projection stays bearish. Following pivot points include: (S1) 131.15; (P) 131.77; (R1) 132.25.
According to bearish divergence in daily MACD, stable trading under the cluster support of 132.04 will argue bigger trend reversal. If that happens, larger fall should align 38.2% retracement at 128.38. Recoil from 132.04 will reinforce short term bullishness. Breach of 133.05 minor resistance will push trading to the upside towards 137.49.
Basing on a bearish divergence condition in weekly MACD, medium term uptrend impulse has weakened. Decisive breach of 132.04 will suggest long term reversal and cause larger decline towards repeat test of 124.08 key support. Breach of 137.49 will extend the uptrend from 109.03 for the resistance area of 141.04/149.76.