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EUR/JPY - Get Ready for Another Bearish Swing

EUR/JPY has been bearish since the 145.69 high on the year. It has also been trading within a declining channel since April, when it fell from about 143.50 to a an August low so far at 135.73. 

The daily chart shows that since last week, EUR/JPY has been rallying in a very hesitant manner. Technically, this is a sign that bears are still in charge. AS price approached 137.50 is started to see resistance factors just above. 
1) 50-day SMA.
2) A falling trendline since June. 
3) The RSI is coming back to where i has been holding resistance, just above 50. 
Lookout for resistance here around 137.50. If price starts to fall, lookout for downside risk toward the 135.00 handle. 

(EUR/JPY Daily Chart 8/20)

A break above 138, could open up a more significant consolidation/correction. Then we have to monitor the 139.00 handle, the 100-day SMA, and the larger falling channel's resistance. We should also monitor the daily RSI to see if it stalls around 60. If it does, and price has respected these resistance factors, the bearish outlook should still be in play, and a bearish attempt could be imminent.