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EUR/JPY Getting Bearish Confirmation after Price Top

The EUR/JPY completed a price top to start the week when it fell below the 137.97 support pivot . As we can see in the 4H chart, this price top was essentially a sideways consolidation throughout June. 

EUR/JPY 4H chart 7/1

(click to enlarge)

The 4H chat shows the breakout find support around 134. EUR/JPY then rebounded but found resistance at 138.00. This is a sign that bears are in control as price action respected the price top. Also after price broke below the cluster of 200-, 100- and 50-period SMAs in the 4H chart, it respected this cluster as resistance. This is called a bearish "slingshot" signal. The RSI tagged below 20 and is holding under 50, a sign that the market is building bearish momentum at least in the short-term. 

for EUR/JPY, the 134 low is back in play, with downside risk to 133-133.10. the support pivot in May 

EUR/JPY Daily Chart 7/1
(click to enlarge)

Looking at the daily chart we can see that below 133, the 131.70 level would be then next key level to monitor for support. It was he previous resistance pivot in March.