EUR/JPY's Downside

Technical Reports

The fall keeps extending. 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. Following pivot points include: (S1) 131.29; (P) 131.52; (R1) 131.96.

Larger drop should align a medium term fibonacci level of 126.61. Breach of 133.05 will argue a near term bottom creation 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.