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EUR/JPY has created a bull flag on the hourly chart. That pattern represents a pause, which often ends up accelerating the preceding bullish move.  

An hourly close above 126.19 would confirm a flag breakout and open the doors to 127.00 (target as per the measured move method).  

The flag breakout could be confirmed as the daily chart is biased toward the bulls: the pair created a bullish outside -day yesterday, validating the ascending 5- and 10-day moving averages.  

A close below the 10-day MA, currently at 125.61, would abort the bullish view.  

Hourly chart

Trend: Bullish above 126.19