Temporary Bottom in EUR/JPY

Technical Reports

The cross is holding inside of 1.2894/132.40 diapason. Trading is still neutral. If the entire 132.40 resistance holds, short term prognosis stays bearish. Another fall is possible. Following pivot points include: (S1) 130.20; (P) 130.56; (R1) 131.13.

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.