EUR/JPY Wedge May Yield Breakout

[B]My picks:[/B] Watching for EUR/JPY Break
[B]Expertise:[/B] Fundamentals Combined With Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week

EUR/JPY is consolidating within a large wedge formation, but also remains in an uptrend as evidenced by the pair’s bounce from trendline support at 127 on May 18. I’m ultimately looking to buy a break above 135 to target 148.07 (61.8% fib of 169.51-113.62). Things will be a bit more complicated if we see a break below 127 since there is strong support looming at congestion near the psychologically important 125 mark.

That said, a break higher in EUR/JPY would be supportive of a break higher in EUR/CHF, which has spent the past month or so in a falling channel formation.