EUR/JPY Is Moving to the Upside

EUR/JPY reached the support at 109.50 four months ago and since then the pair has been forming a sideways consolidation that is very obvious on the weekly time-frame. Yesterday, however, the pair finally broke above the previous high at 116.57 and continued moving to the upside. Currently the pair is testing the resistance at 117.50 and a breakout above that level will likely lead to a further move to the upside towards the next high at 118.39. Only a breakout above that level would confirm that the sideways consolidation is over and that a new bullish trend is about to begin. Considering the multiple spinning top candlesticks on the monthly time-frame above the support at 109.50 that is very likely to happen.