EUR/JPY’s up pattern continued to as excessive as 164.29 final week however retreated since then. Preliminary bias stays impartial this week first, and a few extra consolidations may very well be seen. Draw back of retreat ought to be contained properly above 159.75 resistance turned help to deliver one other rally. On the upside, break of 164.29 will resume bigger up pattern to 61.8% projection of 139.05 to 159.75 from 154.32 at 167.11.
Within the greater image, rise from 114.42 (2020 low) is in progress. Subsequent goal is 169.96 (2008 excessive). On the draw back, break of 159.75 resistance turned 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).
