Reversal in EUR/JPY
Trading of the cross is still neutral. Over 130.26, the recoil from 124.61 will head towards the key short term resistance of 133.47. Following pivot points include: (S1) 129.33; (P) 129.80; (R1) 130.11.
Breach of 127.78 minor support will suggest that the recoil from 124.61 has finished. 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.