EUR/JPY’s Recoil

Technical Reports

Considering bullish convergence in 4 hour MACD, firm recoil from 129.34 indicates temporary bottoming. Trading is slightly on the upside towards 38.2% retracement of 137.49 to 129.34 at 132.45. Following pivot points include: (S1) 129.89; (P) 130.45; (R1) 131.55.

Decrease from 137.49 is expected to resume. Further decline should align a medium term fibonacci level of 126.61.

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.