EUR/JPY rose further to as high as 139.99 last week, but formed a temporary top there and retreated. Initial bias is neutral this week for some consolidations. Downside of retreat should be contained above 134.33 support to bring another rally. On the upside, break of 139.99 will resume larger up trend to 144.06 projection level next.
In the bigger picture, up trend from 114.42 (2020 low) is in progress. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). Next target will be 100% projection of 114.42 to 134.11 from 124.37 at 144.06. 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, focus stays on 137.49 resistance (2018 high). Sustained break there will raise the chance that whole rise from 94.11 (2012 low) is resuming through 149.76 resistance. This will be a slightly favored case for now, as long as 124.37 support holds.
