EUR/JPY’s Short Term Minimum
The fall keeps expanding. So far, it has hit the minimum of 129.34. Trading of the cross is still on the downside. Actual drop from 137.49 is unfolding the medium term fibonacci level of 126.61. Following pivot points include: (S1) 129.70; (P) 130.07; (R1) 130.57.
Over 130.51 minor resistance, a short term bottom will be formed and consolidation will occur. Then, EUR/JPY will once again decrease.
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.