EUR/JPY’s strong rally last week and breach of 186.86 high suggests that long term up trend is resuming. Initial bias remains on the upside this week. Next near term target is 161.8% projection of 180.78 to 184.75 from 182.56 at 188.98. On the downside, below 185.88 minor support will turn intraday bias neutral first. But near term outlook will stay bullish as long as 184.75 resistance turned support holds, in case of retreat.
In the bigger picture, up trend from 114.42 (2020 low) in in progress and should be ready to resume. Next target is 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88 next. For now, medium term outlook will stay bullish as long as 175.41 resistance turned support holds, even in case of deeper 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.
