Signal Line in EUR/JPY
Decisive drop of the cross hit 4 hour MACD under the signal line. Trading became neutral. Consolidation from 129.22 could prolong. If further increase occurs, sustained resistance under 133.47 resistance would cause drop restoration. Following pivot points include: (S1) 130.33; (P) 130.74; (R1) 131.05.
Under the minor support of 129.99, trading will turn up on the downside to 128.94. Breach will extend corrective decrease from 137.49 and align 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18.
While price moves from 137.49 are corrective, deeper decline is awaited. But still, downside should be restrained by a firm support from 38.2% retracement of 109.03 to 137.49 at 126.61, taming the downside and drawing recoil. Uptrend from 109.03 should be progressing. Strong breach of 126.61 will indicate trend reversal and align the resistance turned support of 124.08.