Projection Level in EUR/JPY
Trading of the cross is still neutral. As long as the whole resistance of 131.36 holds, larger drop is likely. Breach of 129.22 will align 128.94. Following pivot points include: (S1) 130.28; (P) 130.58; (R1) 130.94.
Breach should 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.