EUR/JPY Is Testing 121.00

EUR/JPY has been consolidating sideways below the resistance at 123.80 that coincides with the (MA)89 indicator on the weekly time-frame for two long months now and currently the pair is testing the support at 121.00 once again. Whether or not EUR/JPY will succeed in breaking below that level remains to be seen, but all signals point to an impending move to the downside – there are multiple hanging man candlesticks on the weekly time-frame as well as one on the monthly time-frame. If the pair does break below the aforementioned support level then its closest target will likely be at 119.90, which is the same indicator, but on the daily time-frame. If it breaks out below that support as well there will likely be a further move to the downside towards 119.00.