Projection Level In EUR/JPY
The cross lacks upside impulse after touching 130.73 from 4 hour MACD. Trading became neutral. While the minor support of 128.49 is present, further increase is likely. Following pivot points include: (S1) 130.09; (P) 130.42; (R1) 130.75.
Over 130.73, EUR/JPY will head towards 100% projection of 124.61 to 130.33 from 127.13 at 132.85. Breach of 128.49 will align 127.13 support.
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.