EUR/JPY edged higher to 127.07 last week but quickly retreated. Initial bias stays neutral this week first for some more consolidations. Further rise is still expected as long as 124.44 support holds. Break of 127.07 will resume larger rise from 114.42 to 128.67 fibonacci level. However, firm break of 124.44 will confirm short term topping and turn bias to the downside for deeper correction, to 55 day EMA (now at 123.80).
In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.49 (2018 high). This will remain the preferred case for now, as long as 119.31 support holds.
In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Another rising leg could have started for 137.49 resistance.
