The EUR/JPY retraces to the 122.00 level

The EUR/JPY has been having a good bullish trend as shown on the daily chart, which has been supported by the pullbacks that the price has made on its way up. The small pullbacks are important for a trend to be kept, due to the fact that these pullbacks give the opportunity for new investors or traders to come into the market and keep the trend going. The EUR/JPY made a high very close to the 123.00 level from where it retraces to the 122.00 level and stops there. From that round number level the pair may try to bounce back up and continue with its bullish trend, but the 123.00 level may act as resistance. Below the 122.00 level, the next support could be the 55 day EMA (purple line), which is currently around the 120.85 level.