EUR/JPY: Stalls at the 114.00 level

The Euro versus the Yen has been falling steadily this week as the Yen gains more ground versus its major counterparts. After the pair broke below the 55 day exponential moving average it dropped to the 114.00 zone where it stalls at the moment. If the price bounces from the 114.00 level to the upside and goes back above the 55 day EMA, then it may reach the 116.00 level, which could act as resistance. But if the pair keeps falling, then the 113.00 level or the lows at the 112.29 zone may also act as support.