EUR/JPY's Lift Restoration

Technical Reports

The breach of 130.86 resistance argues a lift restoration from 124.89. Trading of the cross stays on the upside to 131.97 resistance and for 132.56 fibonacci resistance. Following pivot points include: (S1) 129.72; (P) 130.34; (R1) 131.47.

Breach of 129.43 should indicate a temporary top formation. Even if EUR/JPY pulls back, the forecast will stay mildly bullish.

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.