Drop Of EUR/JPY Is Progressing
Trading is on the downside for support 128.94, as fall from 133.47 continues. Deeper fall is expected to retest minimum 128.94. Following pivot points include: (S1) 129.89; (P) 130.42; (R1) 130.94.
Overcoming of minimum 128.94 will resume a fall from 137.49 to 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18. Trading above minor resistance 131.13 will become neutral, but recovery should be bounded below resistance 133.47.
Uptrend resumption from 109.03 is awaited. While price moves from 137.49 are corrective, deeper decline is awaited. But still, downside should be restrained by support from 38.2% retracement of 109.03 to 137.49 at 126.61. Overcoming of 126.61 will point out trend reversal.