EUR/JPY Is about to Start Falling

After a lengthly move to the upside EUR/JPY has been consolidating under the resistance at 123.80, which coincides with the (MA)89 indicator on the weekly time-frame for several weeks now, and in the process of this consolidation it has formed a pair of hanging man candlesticks as well as a spinning top candlestick, all on the weekly time-frame again. The strong resistance together with these candlestick formations are a good enough signal that the pair will likely start moving to the downside. If that does happen then its first target will likely be around 119.00, which is the (MA)89 indicator on the daily time-frame. A breakout below that support will probably lead to a further move to the downside towards 118.00 – 117.80.