Minor Support Level In EUR/JPY
The cross is holding over the minor support of 116.63. Trading tone is neutral. Breach of 126.62 will extend the decline from 130.33 and align a test of 124.61 minimum. Deeper drop from 137.49 is likely to be extending. Following pivot points include: (S1) 126.99; (P) 127.67; (R1) 128.08.
Breach of 130.33 resistance will argue restoration of increase from 124.61 and a short term reversal. In that case, trading will turn up on the upside to the key resistance of 133.47.
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.