EUR/JPY’s Upside

Technical Reports

Daily Pivots: (S1) 130.91; (P) 131.30; (R1) 131.64; Trading character of the cross is neutral. Corrective lift from 129.34 should be extending. Decisive resistance from 38.2% retracement of 137.49 to 129.34 at 132.45 should bound upside.

Breach of 129.34 will prolong the intact fall from 137.49 for the medium term fibonacci level of 126.61. Choppy breach of 132.45 will align 61.8% retracement at 134.37. Then, the drop from 137.49 will continue.

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.