The EUR/JPY is trapped by the EMAs

The EUR/JPY is currently trapped in between the 55 day exponential moving average (purple line) and the 200 day exponential moving average (blue line). On the daily chart we can see how the 55 day EMA was acting as a support during the month of January, but at the beginning of February, the price breaks below that moving average to go and visit the 200 day EMA, which acted as a support. Normally, when the price bounces from the 200 day EMA and visits the 55 day EMA, it stays bouncing on and off those two moving averages, consolidating without taking a clear direction. The 55 day EMA is acting now as a resistance and the price has gone back to the 200 day EMA where it stalls at the moment. Inside those bounces one could take the opportunity to enter the market, but it is kind of risky, because the price may break out of the consolidation at any moment.  If the price breaks to the upside, then the 122.00 level could act as a resistance, followed by the 123.00 level. If the price breaks to the downside, then the 119.00 level may act as a support, followed by the 118.00 level.