EUR/JPY's Upside Impulse
Trading of the cross is still on the upside, regardless a slightly weakened upside impulse. Following pivot points include: (S1) 129.66; (P) 129.97; (R1) 130.35.
Actual rally from 124.89 should align resistance area between 131.97 and 61.8% retracement of 137.49 to 124.61 at 132.56. Under the minor support of 128.78, trading will become neutral and consolidation will occur.
EUR/JPY recoiled before the key resistance turned support of 124.08. The cross also remained over long term trend line from 109.03. The increase from 109.03 might still be progressing. Strong breach of 61.8% retracement of 137.49 to 124.61 at 132.56 will align repeat test of 137.49 maximum. Sustained breach of 124.08 will suggest ending of the intact lift from 109.03 at 137.49. Larger fall will head towards 61.8% retracement of 109.03 to 137.49 at 119.90.