EUR/JPY’s Minor Support

Technical Reports

Resilient resistance from 38.2% retracement of 137.49 to 129.34 at 132.45 will conclude the corrective lift from 129.34. Under 130.95 minor support, trading will turn up on the downside to repeat test of 129.34 level. Following pivot points include: (S1) 131.30; (P) 131.86; (R1) 132.61.

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

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.