Interesting pullback on the EUR/JPY

On the weekly chart of the EUR/JPY we can see that the pair has been in a well-defined bullish trend since it took off from the 112.00 zone, with some pullbacks along the way. On March of last year, the pair made a bearish retracement that took the price to the 115.00 level from where it bounces to the upside. This pair respects very well the technical levels and we can see how once it got to the 200 week EMA (blue line), it finds some temporary resistance there. However, the pair breaks above the 200 week EMA and accelerates its bullish momentum. After that we have two consolidation zones and the pair reaches the 137.51 level from where it retraces again. The current pullback has taken the EUR/JPY to the 55 week EMA (purple line) at the 129.92 level. Due to the fact that the EUR/JPY respects the technical levels, we could see a bounce to the upside from the 129.92 level, but if the pair continues falling, then the 200 week EMA at the 127.57 level could also act as support.