Upside in EUR/JPY

Technical Reports

Trading condition of the cross is neutral. If the entire 132.40 resistance is present, short term prognosis is bearish. Larger fall is much likely. Following pivot points include: (S1) 130.65; (P) 130.84; (R1) 131.12.

Breach of 128.94 will expand the intact decrease from 137.49 to the medium term fibonacci of 126.61. Breach of 132.40 should argue formation of a temporary bottom and push 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.