EUR/JPY break by way of 159.75 resistance final week however retreated once more after hitting 159.90. Preliminary bias stays impartial this week for consolidations first. Additional rise is in favor so long as 157.67 assist holds. Above 159.90 will resume bigger up pattern to 163.06 projection stage. Nevertheless, agency break of 157.67 will flip bias again to the draw back 154.32 assist as a substitute.
Within the greater image, rise from 114.42 (2020 low) is in progress. Subsequent goal is 100% projection of 124.37 to 148.38 from 139.05 at 163.06. On the draw back, break of 154.32 assist is required to be the primary signal of medium time period topping. In any other case, outlook will stay bullish even in case of deep pullback.
In the long run image, rise from 109.03 (2016 low) is seen because the third leg of the entire up pattern from 94.11 (2012 low). Subsequent goal is 100% projection of 94.11 to 149.76 from 114.42 at 170.07 which is near 169.96 (2008 excessive).
