Upside in EUR/JPY
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.