EUR/JPY: Range Continues

The overall bearish EUR/JPY trend paused about two weeks ago,consolidation began and it continues to this moment. The pair will probably move to the upside again, considering the hammer candlestick above the support at 127.50 visible on the four-hour time-frame. I believe it will probably reach the resistance at 128.70 and then it will likely bounce off of it as the range continues. That said, the trend is still bearish and there is no signal for a reversal. Once the pair breaks below the support at 128.50 I expect a further move to the downside towards 126.00.