The EUR/JPY could have reached a support area

The EUR/JPY was in a well-defined range between the 122.00 level as support and the 124.00 level as resistance. But during the last few sessions the bearish momentum has accelerated and the pair has broken below the 122.00 level to reach the 55 day EMA, around the 120.81 level. The last daily candle is a doji, which means that the bearish momentum has lost its strength and the pair may try to bounce to the upside. In case of a bullish pullback, the 122.00 level may act as resistance. To the downside, the 120.00 level may act as support, followed by the 119.00 level where we can also find the 200 day EMA.