Short Term Risk In EUR/JPY
Trading tone of the cross is neutral. The corrective recoil from 124.61 should have ended at 131.97. Breach of 128.49 will prolong the decline from 131.97 for 127.13 support. Following pivot points include: (S1) 128.43; (P) 128.94; (R1) 129.33.
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.