EUR/JPY’s extended rebound last week suggests that pullback from 177.91 has completed at 174.80 already. Initial bias stays on the upside this week. Firm break of 177.91 will confirm larger up trend resumption, and target 61.8% projection of 161.06 to 173.87 from 172.24 at 180.15 next. On the downside, though, below 176.58 will turn bias to the downside and extend the corrective pattern form 177.91 with another falling leg.
In the bigger picture, up trend from 114.42 (2020 low) is in progress and should target 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. Firm break of 172.24 support will suggests that it has turned into consolidations again. But still, outlook will continue to stay bullish as long as 55 W EMA (now at 167.16) holds, even in case of deep pullback.
In the long term picture, up trend from 94.11 (2021 low) is in progress. Next target is 138.2% projection of 94.11 to 149.76 (2014 high) from 114.42 (2020 low) at 191.32. This will remain the favored case as long as 154.77 support holds.
