Short Term Bullishness In EUR/JPY

Technical Reports

The cross broke 38.2% retracement of 124.89 to 130.86 at 128.57 but then shortly recommenced. Trading is neutral. Strong breach of 128.57 will confirm ending of recoil from 124.89, which was a part of consolidation pattern from 124.61. Trading will then turn up on the downside to 124.61/89. Following pivot points include: (S1) 128.56; (P) 128.88; (R1) 129.45.

Over the minor resistance of 129.8, short term bullishness will be boosted. In that case, trading will turn up on the upside to 130.86 and higher.

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.