EUR/JPY Trend Slows

The 60 minute EUR/JPY has been slowly transitioning from the downtrend market cycle as prices are showing that the 125.00 level is near term support.  The 124.39 low was short lived as prices rallied quickly
higher ultimately rallying through and staying above the 125.00 psychological level.  With this rally the Initial Trend reading is confirming the sideways market cycle will a reading of just two bars.  The Continuation Falling Wedge pattern therefore is a less a downtrending pattern alert and more valuable now for the downtrend line resistance that prices are currently testing.  Still even with the sideways market, prices must break higher through the 125.70 level to confirm any continued upside.  The 125.50 level will be considerable resistance as the 240 minute and daily charts are still in a strong mark down cycle.