EUR/JPY is unfurling a consolidation phase within an uptrend. Eventually it is expected to break higher. An open gap just below price presents a short-term bearish risk, however, and a deeper pullback might evolve first. EUR/JPY is still unwinding a consolidation phase within a short and medium-term uptrend. Given the technical analysis maxim that “the trend is your friend”, however, the odds still favor an eventual continuation higher once this phase ends. A break above 166.69 (October 31 high) would probably confirm such a continuation higher. Resistance at 167.96 (July 30 swing high) could provide an initial target and act as a barrier to further upside.