EUR/JPY Consolidating around 200-day EMA

With the start of the new week EUR/JPY is correcting from the 5-month low, posted  last Friday at 130.92. During the day the pair is up with 0.18%, having marked daily high at 131.73 and low at 131.06. However the today’s recovery if far from the point where the uptrend was broken namely at the 134.00 level and the 61.8% Fibonacci retracement of the 2014 to 2016 bearish run. As seen on the daily chart RSI and stochastic bounced from their extreme oversold territories and are showing some upward momentum but yet remain within negative area. Currently the price has settled around the flat 200-day EMA, which last week acted as major support and now bulls are dedicated to fight. But the bulls should aim higher, at least 135.10, in order to revive the uptrend. The current stabilisation around the 200-day EMA and slow indicators are confirming some consolidation. On the other hand the Japanese Yen is quite vulnerable  and the bearish sentiment might lead the pair to downwards. The daily low is providing first support, which if broken, doors will be opened for testing the 50% of above mentioned Fibo at 129.50.