Has the EUR/JPY reached a support?

The EUR/JPY accelerates its bearish momentum during today’s session, showing us that the Yen has been beating the Euro, even though it continues losing ground versus the Dollar. On the daily chart of the EUR/JPY we can see that the pair breaks below the 200 day exponential moving average (blue line) at the 131.57 level and drops to the 55 week exponential moving average around the 129.79 zone. The 55 week EMA along with the low at the 128.93 level has been acting as a good support for the EUR/JPY, therefore we could see a bullish bounce from the current levels. To the upside, the same 200 day EMA may act as resistance. On the other hand, the EUR/JPY may continue dropping and below the 128.93 level, its next support area is at the 200 week exponential moving average, around the 127.57 level.