Downside of EUR/JPY's Pull Back
Trading state of the cross is neutral to consolidation under the near term top of 132.89. The minor support of 131.09 should restrain downside of a pull back and draw further increase. Following pivot points include: (S1) 131.96; (P) 132.14; (R1) 132.49.
Over 132.89, the recoil from 128.94 to 61.8% retracement of 137.49 to 128.94 at 134.22 and higher will extend. Under 131.09, the recoil will be finished and a repeat test of 128.94 minimum will be aligned.
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.