Possible bearish breakdown on the EUR/JPY

The EUR/JPY has been boxed between the 200 day exponential moving average, blue line, and the 55 day exponential moving average, purple line. On the daily chart of the EUR/JPY we can see that the price is stuck at the 200 day EMA, but it seems like the bearish momentum is accumulating at that zone, raising the probabilities of a bearish breakdown. If the price of the EUR/JPY manages to break below the 200 day EMA, which is around the 119.79 level, then it may try to go and visit the 119.00 level. Below the 119.00 level, the next support may be the 118.00 level. To the upside, the 55 day EMA may act again as resistance in case the price reaches that zone, but if it breaks above the 55 day EMA, then the 122.00 level may also act as resistance, followed by the 123.00 level.