Hourly Trend: Down
Euro/Yen's been trending for the past 2 weeks, but on today's Tokyo session, the up trendline that was in control, just broke.
Point 1: In this top, there was heavy supply by professional traders pointed out by the VSA indicator [Free Demo], as the market made a top on high volume, and went into a downtrend in even higher volumes. This happened when touching a weak congestion zone (selling zone) above, and all together, it's a common reversal sign.
Point 2: On the reaction a few days later, the market reached 122.970 on low volume (volumes lower than average). With such selling behind, this is never a good sign, and the market then went on sideways.
Current time: As the ranges have been narrow for the last 2 sessions, this action can be better understood in a lower timeframe, such as 15 minutes.
Euro/Yen 15 Minutes
In the 15 minutes, we can see that the market is in a trading range, with a buying zone below, and a selling zone above. The current rally is happening on high volumes, and so it's likely for the trend to continue until 122.8.
Wait for prices to go to the resistance at 122.8, and look for further supply or low volume up bars in the hourly timeframe.