EUR/JPY Is Testing the Support at 129.00

EUR/JPY is clearly retracing after its long-term move to the upside and bounce from the resistance at 137.50. That said, the pair has tested the support above 129.00 which coincides with the (MA)89 indicator on the weekly time-frame twice so far. More so, the pair has also formed a clear hammer candlestick on the same time-frame above the same support, so a new move to the upside is quite likely. If that happens the closest target will probably be around 133.50, which is the last high. On the other hand, if the pair does break out below 129.00 and continues moving to the downside it will likely reach 127.80, which is the (MA)89 indicator, but on the monthly time-frame.