Consolidation: The 1H EUR/JPY chart shows a market that is consolidating after a 1.3242-1.2965 down swing. It is now consolidating roughly between 130.55 and 129.58. Because this consolidation comes after a bearish swing and is under the 200-hour SMA, there is a slight bearish bias in the very short-term. However, the relatively flat 200-hour SMA reflects a non-directional market outside of this week. Breakout scenario: A break above 130.55 first opens up 131, then if it can hold above the 200-hour SMA, it exposes the August high near 132.40. A break below 129.55 opens up the 128-128.29 support area. For the ... (full story)