Possible bearish continuation on the EUR/JPY

The 9 period stochastics on the daily chart of the EUR/JPY have a bearish slope, pointing towards the 50% zone. The stochastics have plenty of room to keep falling; therefore, the EUR/JPY could go back to its bearish trend in the medium term. If the pair breaks below the 124.66 level, then the bearish momentum may accelerate and the price may reach the low at the 122.04 level. Since the pair is currently in a consolidation, it may break out in any direction. That is why if it breaks to the upside, then the 200 day exponential moving average, around the 130.47 level could act as resistance.