Important resistance on the EUR/JPY

On the weekly chart of the EUR/JPY we can see that the instrument had a very good bullish trend from the 115.00 zone to the 137.51 zone, before retracing to the downside. On the daily chart of the EUR/JPY the trend seems to be bearish, but in reality it is not a bearish trend, but rather a correction of the main bullish trend on the weekly chart. Therefore, we could see the pair head back up in the longer term. However, at the moment the EUR/JPY has found a very good resistance at the 55 week EMA (purple line), around the 129.84 level. Since the bullish bounce from the 125.00 level to the upside, the pair has consolidated between the 200 week EMA at the 127.87 level and the 55 week EMA. Around the current level we can see a bearish trend line (red line), which could act as resistance, but a breakout of that resistance could take the pair to the 133.00 zone. To the downside, in case of a breakdown below the 200 week EMA, its next support could be the low at the 125.00 level.