Drop of EUR/JPY Continues
Trading is on the downside, as drop from 133.47 gos on. The corrective recoil from 128.94 has completed at 133.47. Deeper fall is expected to retest minimum 128.94. Following pivot points include: (S1) 130.99; (P) 131.55; (R1) 131.85.
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. Trading above minor resistance 132.53 will back to the upside to widen the bounce from 128.94.
Price dynamic from the medium term top of 137.49 is transforming into a corrective pattern. The first stage of correction has completed at 128.94, while the second one might be finished at 133.47 or it might extend. Another decline towards 38.2% retracement of 109.03 to 137.49 at 126.61 is projected.