EUR/JPY’s rise from 146.12 continued last week and outlook is unchanged. Initial bias stays on the upside this week for 151.60 resistance. Firm break there will resume larger up trend to 153.64 projection level. On the downside, however, break of 148.83 will extend the corrective pattern from 151.60 with another falling leg, back towards 146.12 support.
In the bigger picture, 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 139.05 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).
