EUR/JPY's Upside Impulse
The rally in the cross has hit 132.61 maximum. Break of 132.40 resistance with strong upside impulse indicates ending of the drop from 137.49 at 128.94. Trading turned up on the upside to 61.8% retracement of 137.49 to 128.94 at 134.22 and higher. Following pivot points include: (S1) 131.70; (P) 132.16; (R1) 132.89.
Breach of 131.09 support will suggest conclusion of recoil. If EUR/JPY pulls back, another recoil will be possible.
Price dynamic from the medium term top of 137.49 is transforming into a corrective pattern. Firm support from 55 EMA confirms ending of the first leg at 128.94. Breach of 137.49 should indicate restoration of the growth from the minimum of 109.03. Further corrective diapason trading is much likely, and another decline towards 38.2% retracement of 109.03 to 137.49 at 126.61 is projected.