The EUR/JPY is struggling with the 137.00 level

The Euro versus the Yen is still consolidating around the 137.00 level, but it has not managed to give us confirmation of a breakout. A little bit above that round number level we can see the 200 period Exponential Moving Average on the 4 hour chart, which has also contributed in making this zone a strong resistance for the pair. However, we must be attentive to a possible breakout of the area, because the bullish momentum may accelerate if the breakout is confirmed. None the less, if the breakout is confirmed, the best thing to do is to wait for the pullback before attempting a long entry.