The EUR/JPY stays at a good support zone

The EUR/JPY has found a good support zone around the 111.00 level, where it has been consolidating for a while as shown on the daily chart. A breakdown of the 111.00 level could take the price to the low at the 109.37, which could act initially as support, but it may break it also to the downside. Below those level, its next support could be the 109.00 level. The 55 day exponential moving average, purple line, may be used as a trend indicator. The angle of inclination of the 55 day EMA is showing us that the bearish trend is still in place and it is gaining strength. To the upside, the high of the pullback at the 114.82 level may act as resistance, along with the 116.00 level.