EUR/JPY is traded at 127.38 level and is expected to approach and reach fresh new highs after passing above 127.12 former high, static resistance. The rate has failed to retest the uptrend line signaling strong buyers and a sharp upside momentum.
The outlook will remain bullish as long as the price stays above the uptrend line. As you can see on the H4 chart, EUR/JPY has consolidated in the short term, its sideways movement has attracted more buyers.
Trading Conclusion!
The breakout above the 127.12 level represented a bullish signal, a buying opportunity. The 128.00 is seen as the next upside target.
