EUR/JPY: Moving average breakout on 1 hour chart

The Euro versus the Yen has gone back to the upside during today’s session and it has broken above the 200 and 55 period exponential moving averages on the one hour chart. At the moment the price has formed what it appears to be a “pennant” formation and it is possible to see a continuation to the upside towards the 138.00 level, which could act as resistance. The 200 and 55 EMAs are practically at the same level, but the 55 EMA is trying to cross below the 200 EMA. If the 55 EMA crosses below the 200 EMA, then the price may come back down and it may try to go and visit the 137.00 level, which could act as support for this pair.