Recoil In EUR/JPY
The cross has strongly recoiled, but upside was bounded under the minor resistance of 129.25. Trading remains neutral. Larger drop is projected. Following pivot points include: (S1) 128.76; (P) 129.00; (R1) 129.41.
Recoil from 124.61 should have concluded at 131.97. Under 128.49, EUR/JPY will align 127.13 support. While 131.13 resistance is present, short term risk remains on the downside.
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.