Upside of EUR/JPY Should be Bounded
Trading is on the upside. The corrective recoil from 128.94 has completed at 133.47. Trading above 133.47 will widen the rebound. Following pivot points include: (S1) 131.76; (P) 132.15; (R1) 132.44.
Overcoming of minimum 128.94 will resume a fall from 137.49. Upside should be limited by strong resistance from 61.8% retracement of 137.49 to 128.94 at 134.22. A near term trend reversal is expected.
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.