EUR/JPY On Upside

Technical Reports

Trading of the cross stays cautiously on the upside to 131.97 resistance. Breach in that zone will expand the intact recoil from 124.61 and align the key resistance of 133.47. The breach will also mark ending of the drop from 137.49. Following pivot points include: (S1) 129.93; (P) 130.54; (R1) 131.40.

Under the minor support of 130.06, EUR/JPY will align 129.10.

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.