Technical outlook and chart setups:
The EUR/JPY pair has been drifting within a tapering/diagonal triangle as depicted on the 4H chart view. The pair seems to have formed a meaningful bottom at 120.50 levels earlier and pushed higher. It is seen to be trading at 121.82 levels for now, looking to continue rallying further. Please note that the pair has got potential to rally through 124.00, 126.00 and also 128.00 levels going forward. Bulls are expected to remain in control for now, till prices stay above 120.50 levels broadly. A break above the consolidation structure, would accelerate its rally. It is hence recommended to remain long with risk below 120.50 levels. Immediate support is seen at 120.50 levels, while resistance is seen at 122.67 levels respectively.
Remain long for now, stop below 120.50, ф target remains open.