EUR/JPY's Key Support

Technical Reports

Trading of the cross stays on the downside to 61.8% retracement of 124.89 to 130.86 at 127.17. The recoil from 124.89 should be finished at 130.86. Following pivot points include: (S1) 127.88; (P) 128.49; (R1) 128.96.

Breach of 127.17 will align a test of 124.61/89 key support area. Break of 129.97 resistance will extend the recoil from 124.89 through 130.86.

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.