EUR/JPY’s up trend continued last week, surged through 148.38, and closed above 149.76 long term resistance. Initial bias stays on the upside this week. Next target is 153.64 projection level. On the downside, below 148.61 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, current development indicates that rise from 114.42 (2020 low) is in progress. Next target is 61.8% projection of 124.37 to 148.38 from 138.81 at 153.64. Sustained break there will pave the way to 100% projection at 162.82. For now, medium term outlook will remain bullish as long as 138.81 support holds, even in case of deep pull back.
In the long term picture, break of 149.76 (2014 high) argues that whole up trend form 94.11 (2012 low) is resuming. Sustained trading above 149.76 will pave the way to 100% projection of 94.11 to 149.76 from 109.03 at 164.68, which is close to 169.96 (2008 high).
