EUR/JPY May Continue Falling

EUR/JPY has been moving steadily to the downside for the past three days and eventually broke out below the last low at 129.12. Currently the pair is testing the next support at 128.50, which it has already tested once at the beginning of July this year. Unless the pair forms something of a double bottom and bounces off from the aforementioned support there will probably be a breakout below it. If there is next target will likely be at 127.00, and a breakout below that level could lead to a further move to the downside towards the low at 124.60, but that will likely be a very long-term target that will not be reached over the course of the next few days.