EUR/JPY turned into consolidation last week. Initial bias stays neutral this week and further fall remains in favor with 122.11 minor resistance intact. On the downside, break of 119.31 will resume the fall from 124.43 to 61.8% retracement of 114.42 to 124.43 at 118.24. However, break of 122.11 will turn bias back to the upside for retesting 124.43 instead.
In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 119.39) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.
In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Sustained break of 55 month EMA (now at 124.50) should confirm the start of another medium term rising leg.
