EUR/JPY rose to as high as 134.73 last week, and break of 134.11 resistance suggests resumption of larger up trend. Initial bias stays on the upside this week. Sustained trading above 134.11 will target 136.53 projection level next. On the downside, though, break of 132.31 minor support will delay the bullish case, and turn intraday bias neutral for some consolidations first.
In the bigger picture, up trend from 114.42 (2020 low) is in progress and resuming. Next target is 61.8% projection of 114.42 to 134.11 from 124.37 at 136.53, and then 137.49 (2018 high). In any case, outlook will now remain bullish as long as 124.37 support holds, in case of deep pull back.
In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Long term outlook will remain neutral until breakout from the range of 109.03/137.49.
