EUR/JPY’s break of 158.03 resistance last week confirmed up trend resumption. But as a temporary top was formed at 159.20, initial bias is turned neutral this week for some consolidations first. Downside of retreat should be contained above 155.51 support to bring another rally. On the upside, break of 159.20 will target 61.8% projection of 139.05 to 157.99 from 151.39 at 163.09 next.
In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 100% projection of 124.37 to 148.38 from 139.05 at 163.06. Sustained break there will pave the way to retest long term resistance at 169.96. This will now remain the favored case as long as 151.39 support holds, even in case of deep pull back.
In the long term picture, rise from 109.03 (2016 low) is seen as the third leg of the whole up trend from 94.11 (2012 low). Next target is 100% projection of 94.11 to 149.76 from 114.42 at 170.07 which is close to 169.96 (2008 high).
