EUR/JPY could rise well above 127.00 if the resistance at 126.82 is breached in the next couple of hours.
A break above 126.82 would confirm a bull flag breakout on the 30-min chart – acceleration of the uptrend from the Feb. 28 low of 125.89.
Supporting that bullish case are the ascending 5- and 10-day moving averages (MAs) and an above 50 reading on the relative strength index (RSI).
30-minute chart
Trend: Bullish