Temporary Bottoming in EUR/JPY
The cross is restricted inside of diapason from 128.94. Trading character is neutral. Short term prognosis stays bearish to larger decline, if the whole 132.40 resistance is present. Breach of 128.94 will enlarge the intact decline from 137.49 to the medium term fibonacci of 126.61. Following pivot points include: (S1) 131.08; (P) 131.53; (R1) 131.97.
Breach of 132.40 should point out temporary bottoming 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.