EUR/JPY has been threatening to break above a key trendline resistance. Last week, we saw the pair already "crack" this trendline, but price has since been consolidating as the market became uncertain about breaking higher. EUR/JPY 1H Chart 11/29(click to enlarge)Bullish Continuation?- The 1H chart shows a bullish market at least in November. - Indeed, price has become bullish since mid-October after trading sideways for a couple of months. So, November's price action is already a significant breakout from a sideways market. This breakout has turned EUR/JPY bullish.- Now, as price sits under 120, EUR/JPY is at the cusp of another key bullish breakout, which would open up room for further upside.- The fact that price is pushing at this past week's consolidation pattern is a sign that the market might be ready to finally break higher not only as a continuation of a short-term trend, but a break against a 2-year bearish trend - one that goes back to the end of 2014. EUR/JPY Weekly Chart 11/29(click to enlarge)120 Needs to be Broken:- From a larger perspective, 120 should probably be broken and cleared before traders become optimistic about the bullish trend.- But still, we can gather some early clues in the 1H chart that the market is gearing up for this attempt.- We can see that the upside is first the 122 pivot, then around 125, which has been a common pivot going back many years. - We should probably cap any bullish expectation to 128.00 which was a support and resistance pivot.