EUR/JPY’s up pattern resumed final week and hit 160.84 earlier than turning into consolidation. Preliminary bias stays impartial this week as extra sideway buying and selling might be seen. However outlook will keep bullish so long as 157.67 help holds. Break of 160.84 will resume bigger up pattern to 163.06 projection degree subsequent.
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 help 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).
