Stronger Bullish Reversal In EUR/JPY
Breach of 129.56 minor support indicates short term top formation at 130.86. Trading is now neutral. Further increase is expected while 38.2% retracement of 124.89 to 130.86 at 128.57 is present. Following pivot points include: (S1) 128.98; (P) 129.97; (R1) 130.51.
Over 130.86, EUR/JPY will align resistance area between 131.97 and 61.8% retracement of 137.49 to 124.61 at 132.56. Breach will argue stronger bullish reversal. Strong breach of 128.57 will suggest ending of recoil from 124.89 as part of consolidation pattern from 124.61. Trading will then turn up on the downside to the minimum of 124.61.
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.