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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