Reversal In EUR/JPY
Trading of the cross is still neutral. Breach of 130.33 will extend the recoil from 124.61. A short term falling channel has been firmly met. Following pivot points include: (S1) 128.47; (P) 128.99; (R1) 129.57.
A reversal is likely. Another increase should align 133.47 resistance. Breach of 127.13 will draw repeat test of 124.61 minimum.
EUR/JPY has closed over the key resistance turned support of 124.08. Decline from 137.49 is seen as a correction. Sustained breach of 133.47 resistance will indicate its ending and prolong the lift from 109.03 through the maximum of 137.49. Strong breach of 124.08 will point out reversal. The intact surge from 109.03 has finished at 137.49. Larger drop should head towards 61.8% retracement of 109.03 to 137.49 at 119.90 and lower.