Ending of EUR/JPY’s Rise
According to bullish convergence in 4 hour MACD, a temporary bottom was formed at 129.34. 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) 131.12; (P) 131.43; (R1) 131.94.
Drop from 137.49 should extend. Further decline is anticipated. 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.