Retreat In EUR/JPY
Firm recoil from 129.10 as well as breach of 130.25 minor resistance confirms ending of the retreat from 131.97. Increase from 124.61 is extending while the whole 127.13 support holds. Trading of the cross is on the upside. Following pivot points include: (S1) 129.48; (P) 129.78; (R1) 130.30.
Breach will prolong the recoil from 124.61 for the key resistance of 133.47. Under 129.10, the decline from 131.97 will align 127.13 support.
A medium term forecast is rather bullish. The drop from 137.49 for 124.61 is seen as correction. A key resistance turned support of 124.08 was already met. Breach of 133.47 resistance will indicate the bullishness and extension of the rise from 109.03 to the maximum above 137.49. While 127.13 support is present, the forecast will remain unchanged.