After the rapid rise of the EURJPY to the upper bound of the yellow channel, we saw a rebound from this bound and a gradual decline in the direction of the lower yellow wall. It is likely that the bears will continue to move down to the support level of 118.91, which is on the lower yellow bound.
However, it can be noted that bears are creeping slowly down. The moving average line has been crossed many times. There is a risk that the bulls may seize the helm of price control, in this case, the market may begin to rise to the resistance level of 122.83, which is on the upper bound of the yellow channel. In this case, the price will go well above the moving average, which can be used as an indicator of the bullish trend power. Note that the upward scenario is currently an alternative.
