FX:EURJPY   Euro / Japanese Yen
As the price bounced off the upper band of the big channel formation (blue), we might expect the price descents towards the 128.00 level. Then it will reach 131.00, bounce it off and declines to the 126.50 level. By this way, the parity will form head & shoulder.

But as long as we stay above 131 level, the price will bounce the lower band of the small ascending channel (red), break the big channel formation (blue) to the up and aim the vicinity of 136.00 level.

As we see, reaching 131.00 level will be decisive for the future direction of the parity.
Comment: The parity price has dropped and now we can see it approaching 128.00 level. If the price bounces it off to the up, reaches 131.00 level and bounces off again, this time to the down, we have a chance to see head and shoulders formation in mid-term. Otherwise, in the case, the price pierces 128.00, 126.50 will be our next target to watch.
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