EUR/JPY’s break of 162.16 minor resistance last week suggests that correction from 163.70 has completed at 160.20. Initial bias is back on the upside for retesting 163.70 resistance. Decisive break there will resume larger rally from 153.15 for 164.29 high. In case of another fall, downside should be contained by 38.2% retracement of 153.15 to 163.70 at 159.66 to bring rebound.
In the bigger picture, price actions from 164.29 medium term top are seen as a correction to rise from 139.05 which could still be extending. As long as 148.38 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) is expected to resume through 164.29 at a later stage. Next target would be 169.96 (2008 high).
In the long term picture, rise from 114.42 (2020 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). This will remain the favored case as long as 148.38 resistance turned support holds.
