EUR/JPY Technical Analysis: Euro bulls gathering strength to break above 128.62

• After a steep 185-pip decline on Monday EUR/JPY has almost recouped all of its weekly losses by Friday.  
• EUR/JPY is evolving in a bull channel and the last hurdle to higher prices is the current week’s high at 128.62. A bull breakout above the level can potentially open the gates to the 129.50 figure and supply level.

EUR/JPY 15-minute chart

Spot rate:                    128.23
Relative change:         0.45%      
High:                           128.62
Low:                            127.50

Trend:                         Bullish

Resistance 1:            128.62 current week’s high
Resistance 2:            129.50 figure/supply level
Resistance 3:            130.32 June’s high

Support 1:                 127.52 June 22 low
Support 2:                 126.99 June 21 low
Support 3:                 126.64 June 19 low