Will the EUR/JPY break below the 139.00 level?

The Euro has been losing ground for today and at the start of the European session it dropped below the round number and psychological level of the 139.00 versus the Yen. However, the downward momentum lost its steam after falling for approximately 30 pips below that level and now it has risen above the 139.00 again. If by the end of today’s session we get a close above the 139.00 level, then we may see a retracement to the 140.00 level. None the less, we know that the price may try to continue going lower and visit the 200 Day Exponential Moving Average around the 138.50 level as shown on the chart below. From the 138.50 zone we may see a bounce to the upside with a higher probability of a bigger jump. We will keep monitoring the movements on this pair to see where it goes from here.