EUR/JPY's Vanishing Downside Impulse
Some downside impulse in 4 hour MACD is vanishing. Larger decline is awaited if the whole 133.05 resistance is present. Basing on a bearish divergence in daily MACD, a medium term top has been formed at 137.49. Following pivot points include: (S1) 131.29; (P) 131.52; (R1) 131.96.
Breach of 133.05 resistance should indicate formation of a near term bottom and cause firmer recoil.
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.