EUR/JPY: Deeper Fall Is Possible
Trading is on the downside, as fall from 133.47 continues. Deeper fall is expected to retest minimum 128.94. Following pivot points include: (S1) 130.23; (P) 130.94; (R1) 131.63.
Overcoming of minimum 128.94 will resume a fall from 137.49 to fibonacci level 126.61. Trading above minor resistance 131.66 will become neutral, but recovery should be bounded below resistance 133.47.
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.