EUR/JPY Found Some Support at 129.20

EUR/JPY has been moving to the downside for the past two weeks, ever since the pair bounced off from the resistance at 132.00, but the pair finally found some support at 129.20, which coincides with the (MA)89 indicator on the weekly time-frame, and bounced off from that level as well after forming an obvious hammer candlestick on the daily time-frame. Currently the pair is testing the resistance at 130.10, which is the same indicator, but on the daily time-frame. If it breaks out above it EUR/JPY may continue rising towards the last high at 132.00. On the other hand, if it bounces off from the indicator it will probably fall back towards the last low at 129.20, and a breakout below that level could lead to a further move to the downside towards 128.50.