EUR/JPY’s up trend resumed last week but lost momentum after hitting 179.95. Initial bias is turned neutral this week for consolidations. Downside of retreat should be contained well above 175.67 support. On the upside, break of 179.95 will target 100% projection of 161.06 to 173.87 from 171.09 at 183.90 next.
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. Outlook will continue to stay bullish as long as 55 W EMA (now at 168.61) 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.
