EUR/JPY Is Testing the Support at 121.10

EUR/JPY had been moving to the upside for the past two weeks, but the pair reached the resistance at 122.90 – 123.00 which almost coincides with the (MA)89 on the weekly time-frame and bounced off from it after forming a shooting star candlestick on the four-hour time-frame. After a few days of retracement EUR/JPY fell to the closest support level at 121.10, which is the same indicator, but on the four-hour time-frame and started testing that support. The pair is yet to break out below it, but should that happen, next support is likely at 120.30, which coincides with the (MA)89 indicator on the daily time-frame. A move to the upside, on the other hand, will likely lead to yet another test of the resistance around 123.00 – 123.50, which remains unbroken after months of attempting to do that.