Medium Term Top in EUR/JPY
Trading of the cross is on the downside. According to bearish divergence in daily MACD, a medium term top has been formed at 137.49. Larger drop should align a medium term fibonacci level of 126.61. Following pivot points include: (S1) 130.93; (P) 131.38; (R1) 131.84.
Breach of 133.05 resistance should indicate creation of a near term bottom. If EUR/JPY recommences, the forecast will stay bearish.
Basing on a bearish divergence condition in weekly MACD, lift from 109.03 has ended at 137.49. Larger decline should hit 38.2% retracement of 109.03 to 137.49 at 126.61. Breach of 137.49 should confirm restoration of a medium term increase.