EUR/JPY rose to as high as 144.23 last week but retreated since then. Initial bias remains neutral this week first. Downside should be contained by 139.99 resistance turned support to bring rebound. Break of 144.23 will resume larger up trend. Next target is 100% projection of 124.37 to 139.99 from 132.63 at 148.25. However, break of 139.99 will bring deeper pull back towards 132.63 support instead.
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). Sustained trading above 100% projection of 114.42 to 134.11 from 124.37 at 144.06 will indicate upside acceleration and target 149.76 long term resistance (2014 high). In any case, outlook will now remain bullish as long as 132.63 support holds, in case of deep pull back.
In the long term picture, current rally could be resuming whole rise from 94.11 (2012 low). Further rally would be seen to 149.76 resistance (2014 high) and above. This will remain the favored case as long as 132.63 support holds.
