The EUR/JPY is likely to head higher over the next couple of weeks. Let's take a look at the clues we have gotten from the Daily chart so far.EUR/JPY Daily Chart 11/10(click to enlarge)Range breakout:- The daily chart shows EUR/JPY in a bearish trend until June when it tagged 110 and bounced back up.- Since then, the market has been consolidating, settling into a range between roughly 112.10 and 116.35.- The first clue that the market was anchoring higher was in October when price failed to come back to the range support before pushing up.- This week, we are seeing 2 additional signals.1) The failed attempt to clear 114.00 - During the election, the market at first faded EUR/JPY as part of a broad risk averse move. But we soon found out that the market regained risk appetite. EUR/JPY was able to hold on the top 1/2 of the consolidation range, signaling its bullish bias.2) Price is now cracking the range resistance - A clear break above the range resistance would signal a bullish reversal attempt. Resistance under 120:- The breakout does open up a new mode. EUR/JPY could indeed be turning bullish after a bearish and a sideways period.- However, we should anticipate resistance below 120 as price will meet the 200-day simple moving average (SMA) and a falling trendline around 119-119.50.- It is reasonable to believe EUR/JPY will eventually break that resistance, but in this scenario, we should expect a period of consolidation below 120.