EURJPY – failed attempt of break above triangle upper limit

In January there is a side trend at EURJPY and price formed triangle pattern. Today bulls tried to broke above upper limit of the triangle but they failed. Successful breakout could be very dynamic. If it is up, upward movement will be limited to 133.00. However if it is down, it will give a strong long-term trend reversal signal.

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Wider view, time-frame D1

Since December 2014 EURJPY moves in a downtrend, in last week price reached 8 months low. Currently price is near support, but it is very hard to see any good signals looking at the chart. Break below support at 126.90 could lead price to 120.50 and in a long term will look like trend reversal (because right now falls still could be seen as a correction in uptrend). Alternatively if rebound occurs the main challenge for the bulls will be break above resistance at 133.00, where right now is a downtrend line.