From a technical point of view, the EUR/JPY currency pair continues to be around its range within the level of 121.45 and 120.33. The previous downward movement directed the pair into its side channel, however, its quotes are presently testing the resistance level at the Fibonacci level of 61.8%, which is particularly the level of 121.00. Due to this, taking into consideration the recent zig-zag as the foundation for the initial downward wave, then it can be assumed that the euro/yen will move to test the support level of 120.33 once again. Now, the breakdown of which will cause the technical model “triple top” to be formed and with its breakdown, the quotes will be directed to the following level of support of 119.90. Therefore, completes the wave model of waves - a, b, and c. The AO indicator will confirm this forecast and will also confirm a possible decline anytime soon.