Short Consolidation in EUR/JPY
Rally in the cross has expanded after a short consolidation. So far, it reached 132.74 maximum. Trading turned up on the upside. Following pivot points include: (S1) 131.96; (P) 132.14; (R1) 132.49.
The recoil from 128.94 should align 61.8% retracement of 137.49 to 128.94 at 134.22 and higher. Under the minor support of 131.79, trading will turn up in the neutral position.
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.