EURJPY could perform a bullish rebound at the 200 SMA (H1 chart)

The EURJPY is finding support on the 200 SMA and the daily pivot point level of 138.79 on the H1 chart.

This pair might find resistance at the pivot point and fall to the support offered by the level of 138.50. If the EURJPY manages to make a breakout at that level, the next target would be the sipport level of 138.26, which would be a bearish weekly consolidation. However, we must be aware of a possible bullish rebound in the coming hours.

The MACD indicator is in positive territory, which would support our bullish outlook.

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