EUR/JPY's Short Consolidation

Technical Reports

The rally in the cross extended after some short consolidation. At this point, it reached 131.17. Trading turned up on the upside. The increase from 124.61 resumes towards 100% projection of 124.61 to 130.33 from 127.13 at 132.85. Following pivot points include: (S1) 130.12; (P) 130.54; (R1) 131.18.

Under the minor support of 129.90, trading will turn up in the neutral position, causing consolidation.

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.