EUR/JPY Remains Bearish

Although EUR/JPY has formed several candlesticks at the support at 128.45 that indicate a possible new move to the upside – namely, a pair of doji candlesticks and a spinning top candlestick, all on the daily time-frame – the pair remains very bearish and continues testing the aforementioned support at 128.45. Considering the spinning top candlestick that has formed on the weekly time-frame at the resistance at 130.40, after a breakout below the support the pair could continue moving to the downside, towards the next obvious support level at 124.40, which coincides with the (MA)89 indicator on the daily time-frame.