EUR/JPY Is Still Consolidating

EUR/JPY has been consolidating sideways between 131.00 and 134.50 for almost two months now and so far there is no indication that consolidation is about to end. The pair has formed a spinning top candlestick below 134.50 on the monthly time-frame and is currently in the process of forming a second one. That candlestick is yet to close, of course, so nothing is certain yet. That said, the pair is showing clear signs of indecision below the resistance at 134.50. If it bounces off from the aforementioned resistance level it will probably continue moving to the downside towards the (MA)89 indicator on the monthly time-frame at 127.20. On the other hand, if the move to the upside continues and the pair breaks out above 134.50 the pair will probably reach 135.00 - 136.00.