By observing the lower timeframe we can see EURJPY has been consolidating over the past week, ranging from around the 119.800 - 120.400 level, in line with the lower trendline of the ascending channel observed on D1.
Today we see a breakout and retest from the upside of the range. Stability in the Euro following Brexit should hopefully give EJ the headway it needs to push upward.
We could see a potential 300+ pip rise to the upper trendline of the ascending channel should the bullish momentum continue.