EUR/JPY's Short Term Resistance

Technical Reports

The cross has broadly recoiled but remained under 130.26. Trading stays neutral. Over 130.26, the recoil from 124.61 will extend and align key short term resistance of 133.47. Following pivot points include: (S1) 128.10; (P) 128.92; (R1) 129.72.

Breach of 127.78 minor support will suggest ending of the recoil from 124.61. In that case, trading will turn up on the downside to 124.61.

A bearish divergence in daily MACD keeps persisting. Sustained breach of 124.08 will suggest reversal. The intact increase from 109.03 has finished at 137.49. Larger decline should align 61.8% retracement of 109.03 to 137.49 at 119.90 and lower. Choppy breach of 133.47 key resistance will resume the lift from 109.03 through the maximum of 137.49.