Two scenariosBullish
EUR/JPY moves to the range top at 126.75 area and break out there we will look to the 1.618 Fibo at 127.20.
Bearish
A break down here or the 1.2996 area would set up the move to the range bottom at 125.79 and then the 1.618 Fibo at 125.20. Watch the USDX for any change in direction. The ATR for the pair currently is 73 pips per day.