The formation of the EURJPY currency pair suggests a large uptrend that moves within a large green channel. In the current chart, we see the price movement from mid-September of this year to today.
At the end of September, the price reached the center of the green channel, after which the bulls seized the initiative and led the market. In the second half of October, the price reached the upper green line, then pushed off from it and we saw the currency pair fall to the lower green line within the yellow channel.
Currently, the price is close to the lower green wall and the support level of 127.59, it should not be difficult for bears to break through this level. If this happens, then market participants will continue to fall to the lower yellow line and the support level of 123.69.
If the bears fail to break through the lower green line, then the price will push off from it, and the market will begin to rise to the upper yellow line. In the event of a break of the resistance level of 130.25, the bulls will open the way to a higher resistance level, which is located on the upper green wall.
An approximate scheme of possible future movement is shown in the chart.