Bullish Convergence in EUR/JPY
According to bullish convergence in 4 hour MACD, a temporary bottoming was seen at 129.34 level. Another increase should align 38.2% retracement of 137.49 to 129.34 at 132.45. Breach will align 61.8% retracement at 134.37. Following pivot points include: (S1) 130.82; (P) 131.41; (R1) 132.23.
Fall from 137.49 is expected to resume. Further decline is projected. Breach of 129.34 will reach the 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.