EUR/JPY’s up trend resumed last week and there is no clear sign of topping yet. Initial bias stays on the upside for 100% projection of 161.06 to 173.87 from 171.09 at 183.90 next. On the downside, below 181.85 minor support will turn intraday bias neutral first. But outlook will stay bullish as long as 180.07 support holds, in case of retreat.
In the bigger picture, up trend from 114.42 (2020 low) is in progress and should target 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. However, considering bearish divergence condition in D MACD, upside should be capped by 186.31 on first attempt. Outlook will continue to stay bullish as long as 55 W EMA (now at 170.32) holds, even in case of deep pullback.
In the long term picture, up trend from 94.11 (2021 low) is in progress. Next target is 138.2% projection of 94.11 to 149.76 (2014 high) from 114.42 (2020 low) at 191.32. This will remain the favored case as long as 154.77 support holds.
