EUR/JPY’s Consolidation Between 128.94 and 132.40
Trading state of the cross is neutral. EUR/JPY is holding inside of consolidation between 128.94 and 132.40. Short term projection remains bearish and further fall is anticipated. Following pivot points include: (S1) 130.20; (P) 131.00; (R1) 131.43.
Breach of 128.94 will enlarge the intact decline from 137.49 to the medium term fibonacci of 126.61. Breach of 132.40 should argue formation of a temporary bottom and move trading to the upside towards firmer recoil.
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.