EUR/JPY Is Consolidating Sideways

EUR/JPY is consolidating sideways, like most other currency pairs do during this period of the year, but within that consolidation one can still sometimes find decent opportunities to trade if they are so inclined. Take the spinning top candlestick that formed below the resistance at 123.25 on the four-hour time-frame – it was a clear signal for a move to the downside. Currently the pair is still falling and it will likely continue doing so until it reaches the obvious support level at 122.15, which coincides with the (MA)89 indicator on the same time-frame. Once the pair reaches that level it will likely bounce off of it too and sideways consolidation will continue.