EUR/JPY rebounded after preliminary dip to 162.59 however failed to interrupt by way of 165.33 resistance. Preliminary bias stays impartial this week first and extra vary buying and selling may very well be seen. On the upside, agency break of 165.33 will resume bigger up pattern in direction of 169.96 key resistance subsequent. On the draw back, although, break of 162.59 will flip bias to the draw back for 160.20 help subsequent.
Within the greater image, present rally is a part of the up pattern from 114.42 (2020 low), which continues to be in progress. Subsequent goal is 169.96 (2008 excessive). Break of 160.20 help is required to be the primary signal of medium time period topping. In any other case, outlook will keep bullish in case of retreat.
In the long run image, rise from 114.42 (2020 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). This may stay the favored case so long as 153.15 help holds.
