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EUR/JPY Continues Lower, Testing a Major Trendline

The EUR/JPY has been bearish in the recent months. In fact for 2014, the market has been sideways, but may be turning bearish. When you look at the weekly chart, you notice a few things:

1) Price broke below the 50-week SMA and is now holding below it, showing a slingshot signal for the bearish outlook.
2) This week's candle engulfs the last 2 weeks of brief consolidation, providing a bearish signal.
3) The weekly RSI is starting to fall below 40, a sign that the prevailing bullish momentum is being lost.
4) We have a fresh low on the year.
5) Price is now testing the rising trendline that comes up from the 2012-low at 94.10. 
With the bearish signals weighing on the EUR/JPY, it looks like the market will be able to break below the rising trendline.

EUR/JPY Weekly Chart
Since this week's price action is threatening the rising trendline, a reversal above this week's high around 138 would signal respect for the rising trendline, and thus a bullish continuation. Otherwise, a break below 135 for example, would be a clear break below the rising trendline and open up the market toward the next support pivot around 131.12