EUR/JPY May Begin a Retracement

The overall EUR/JPY trend is obviously quite bullish – the pair has been moving to the upside since the middle of December last year, but it has also reached a resistance at 136.60 and it may bounce off from that level, considering the spinning top candlestick and the shooting star candlestick, both of which have formed on the four-hour time-frame below the aforementioned resistance. If these two candlesticks are a valid signal then there may soon be a move to the downside towards the support at 135.65, which coincides with the (MA)89 indicator on the one-hour time-frame, and if the pair succeeds in breaking out below that support there could be a further move to the downside towards 134.60, which is the same indicator, but on the four-hour time-frame.