EUR/JPY Recoiled

Technical Reports

The cross recoiled while moving towards 129.22 support. Trading became neutral. While the whole 131.36 resistance is present, short term prognosis will remain bearish and larger fall will be more likely. Following pivot points include: (S1) 130.33; (P) 130.74; (R1) 131.05.

Under 129.22, EUR/JPY will head towards 128.94 level. Breach in that place will extend corrective drop from 137.49 and align 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 and maybe even a medium term fibonacci level of 126.61.

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.