EUR/JPY stayed in consolidation from 127.48 last week after failing to break through this resistance. Initial bias is neutral this week for some consolidations first. On the upside, decisive break of 127.48 will resume larger rise from 114.42, to 128.67 fibonacci level. In case of another fall, downside should be contained by 125.07 support to bring rebound.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 121.63 support holds. Next target is 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will target 137.49 next. However, firm break of 121.63 will argue that the rise from 114.42 has completed and turn focus back to this low.
In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Another rising leg could have started for 137.49 resistance and above.
