EUR/JPY’s up trend resumed by breaking through 129.96 last week, and hit as high as 130.37. Initial bias remains on the upside this week. Current rally from 121.63 should target 100% projection of 121.63 to 127.48 from 125.07 at 130.92 next. On the downside, break of 129.02 minor support will turn bias neutral again first.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 125.07 support holds. Next target is 137.49 (2018 high).
In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Another rising leg in progress for 137.49 resistance and above.
