Type: Bearish Reversal
Key Levels: Resistance: 129.593, pivot: 129.188 and support: 128.427
Preferred Case:EUR/JPY is abiding by the descending trendline resistance, signifying bearish momentum. We can expect the price to drop from the pivot level in line with 127.2% Fibonacci projection and 61.8% Fibonacci retracement towards 1st support in line with 61.8% Fibonacci retracement.
Alternative Scenario: Alternatively, the price could push up to 1st resistance in line with 161.8% Fibonacci projection and 78.6% Fibonacci retracement.