Possible bullish flag on the EUR/JPY

The flag patterns along with the triangles and pennants, appear on areas of consolidation and most of these patterns act as continuation patterns, meaning that the price continues in the direction where it was coming from, but there are some that act as reversal patterns. On the 4 hour chart of the EUR/JPY we can see that the price bounced from the 122.00 zone to the upside and broke above the 55 period exponential moving average. The pair continues going higher to the 200 period EMA, blue line, around the 124.07 level. Around the 200 EMA, the price forms what it appears to be a bullish flag. Since the price coming into the formation has a bullish trend, then there are more probabilities of seeing a bullish breakout and maybe a visit to the 125.00 level. But if the price breaks to the downside, then the 55 period EMA, purple line, may act as its first support. Below the 55 EMA, the 122.00 zone may also act as support.