The EUR/JPY is consolidating in a tight range as the economic calendar is lacking major events. The pair is expected to extend the bullish trend, as 129.400 emerges as a strong support.

EUR/JPY – 240 Min Chart

The pair has formed a bullish channel which is extending a nice support near 129.400. Actually, it’s a bottom of the bullish channel and the pair is very likely to stay bullish above this level. Other technical indicators such as Moving Average and RSI are also supporting the bearish bias.

EUR/JPY – Key Technical Levels

Support     Resistance
129              130.38
128.52       131.27
127.15       132.65
Key Trading Level: 129.9

Trade Plan: The idea is to stay in sell below 129.850 to target 129.400 and 129.100.