Expansion of EUR/JPY's Decline
Trading is still on the downside. The decline from 137.49 is expanding. According to bearish divergence in daily MACD, a medium term top was formed at 137.49. Following pivot points include: (S1) 129.57; (P) 130.54; (R1) 131.05.
Larger fall should align a medium term fibonacci level of 126.61. Breach of 132.17 resistance will argue near term bottoming. If EUR/JPY recommences, the forecast will still be 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.