EUR/JPY's Upside Impulse Is Feeble
The cross declined to 128.31 but then recommenced. Upside impulse is rather feeble. Trading remains neutral. Following pivot points include: (S1) 128.88; (P) 129.43; (R1) 130.27.
Breach of 130.86 will resume the lift from 124.89 and align key resistance area of 131.97/132.56. Breach of 128.31 will prolong the drop from 130.86 to 61.8% retracement of 124.89 to 130.86 at 127.17 and lower
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.