EUR/JPY's Strong Resistance
Firm resistance from the support turned resistance of 128.94 should bound upside and finish the recoil from 124.61. Breach of 126.29 minor support will align a repeat test of 124.61. Following pivot points include: (S1) 127.80; (P) 128.24; (R1) 128.89.
Breach will enlarge the intact drop from 137.49 and align another medium term fibonacci level of 119.90.
A medium term trend reversal is possible, considering bearish divergence in daily MACD and actual decisive downside impulse. Strong breach of 38.2% retracement of 109.03 to 137.49 at 126.61 indicates that the intact uptrend from 109.03 has ended at 137.49. Larger fall is expected to align 61.8% retracement at 119.90 and lower.