EUR/JPY: Recovery Goes On

Technical Reports

Stance of trading is neutral for consolidation, as a temporary low was formed at 129.22. Following pivot points include: (S1) 129.93; (P) 130.34; (R1) 130.76.

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 below 129.22 will aline support 128.94. Forecast of the cross will remain bearish while resistance 133.47 keeps.

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.