Overview:
Support: 132.00 | Resistance: 129.00 | Range: 300 pips.
The EUR/JPY pair suggests that a decline from 132.00 had resumed to 130.13 (129.00 is a key level hence it is going to form a strong support). As well as the pair has already formed a strong resistance at the level of 132.00 and it is now approaching it in order to test it. Moreover, it should be noted that the price is still trapped between 130.20 and 129.80 and has been set below strong resistance at the level of 132.00. Therefore, the fact that the yen will move downwards is rather convincing. Additionally, the structure of the fall does not look corrective. It is likely to indicate a bearish opportunity below 132.00 (you should keep in mind that the weekly pivot point is at 130.50). It will be a good sign to sell below 132.00 with the first target at 130.50 and it will call for downtrend to continue moving towards 129.25. Furthermore, it should also be said that the price at 129.00 will probably form a double bottom and call for a strong support. Thus, it will be saturation around 129.00 to rebound the pair. The market might also be going to start showing the bullish signs. In other words, it will be a good sign to buy above 129.00 with the first target of 130.50 and continue towards 131.80.