Another Rally in EUR/JPY
The cross hit 132.61 maximum but the impulse is gone now. If the minor support of 131.09 is present, another rally is expected. Following pivot points include: (S1) 131.86; (P) 132.23; (R1) 132.44.
Recoil from 128.94 should align 61.8% retracement of 137.49 to 128.94 at 134.22 and higher. Breach of 131.09 will confirm ending of the recoil and cause repeat test on the minimum of 128.94.
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.