EUR/JPY: Bullish trend is still in place

The Euro versus the Yen has had a very good rally as shown on the daily chart. Once it got to the 122.00 zone, it retraces to the downside. The 119.00 zone has been a very good support, where the pair has already bounced to the upside a couple of times. A breakout above the 120.00 level could take the pair to the highs around the 122.00 level. At the 118.00 level we can see the 200 day EMA, blue line, which could contribute to making that zone a good support area. The 117.00 level could also act as a support.