Pull Back In EUR/JPY

Technical Reports

The cross touches maximum of 103.59. Breach of 130.33 resistance as well as steady trading over short term falling channel confirms trend reversal. Another increase should align 100% projection of 124.61 to 130.33 from 127.13 at 132.85. Following pivot points include: (S1) 129.34; (P) 129.66; (R1) 130.07.

Breach of 128.49 support should suggest ending of increase from 127.13. Even if EUR/JPY pull back, the forecast would stay mildly bullish.

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.