EUR/JPY's Another Maximum

Technical Reports

Trading tone of the cross is neutral. Under 129.10, the drop from 131.97 will prolong, aligning 127.13 support. Following pivot points include: (S1) 129.83; (P) 129.63; (R1) 130.02.

Breach should argue that the recoil from 124.61 has finished at 131.97. Above 131.13, recoil from 124.61 will extend through 131.97.

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.