Restoration of EUR/JPY's Surge

Technical Reports

The cross lifted to 129.14 but remained under 130.33 resistance. Trading is still neutral. Breach of 130.33 resistance will indicate restoration of the surge from 124.61 and suggest short term reversal. In that case, trading will turn up on the upside to the key resistance of 133.47. Following pivot points include: (S1) 127.34; (P) 127.64; (R1) 128.13.

Breach of 127.13 will extend the drop from 130.33 and align a test of 124.61 minimum. Deeper decline from 137.49 is likely to extend.

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.