EUR/JPY has been in a tight consolidation under the 139.05 resistance level for some time. The long term trend is still up as the price remains above the 200 period moving average but the shorter term momentum is favoring the downside as we can see through Tenken-sen remaining below the Kijun-sen. A breakdown below the low of this consolidation will trigger sellers which could potentially gives us great selling opportunities in today’s London session whereas a breakout above the high of this consolidation could lead the price even higher and the long term trend could resume from that breakout.