EUR/JPY Bounced off from 134.30

The EUR/JPY move to the upside has lasted for months now, ever since it began in the middle of April this year, but it seems that the pair has finally reached a strong resistance at 134.30, because it has formed a distinct hanging man candlestick below that level and it has bounced off from it. Such a candlestick is a good signal for a possible new move to the downside, and should that occur the next major target will probably be around the support at 129.00, which coincides with the (MA)89 indicator on the daily time-frame. Should the pair break out below that support too there could be a further drop towards 125.00, which is the same indicator, but on the weekly time-frame.