Medium Term Reversal In EUR/JPY
Trading of the cross stays on the downside. Recoil from 124.61 should have finished at 131.97. Larger drop should align 127.13 support. Sustained breach in that area will draw repeat test of 124.61 minimum. Following pivot points include: (S1) 128.39; (P) 128.98; (R1) 129.32.
Over the minor resistance of 129.52, trading will turn up in the neutral position. While 131.13 resistance is present, short term forecast will stay bearish.
The cross remains over the key support turned resistance of 124.08. Bigger increase from 109.03 should extend. Breach of 133.47 should push EUR/JPY through the maximum of 137.49. Strong breach of 124.08 will indicate medium term reversal and align the minimum of 109.03 and lower.