EUR/JPY’s rise from 153.15 extended higher last week. Initial bias stays on the upside this week for 161.8% projection of 153.15 to 158.55 from 155.06 at 163.79, which is close to 164.29 high. On the downside, below 160.03 minor support will turn intraday bias neutral first. But further rally is expected as long as 158.55 resistance turned support holds.
In the bigger picture, price actions from 164.29 medium term top are seen as a correction to rise from 139.05 only. As long as 148.48 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) is expected to resume through 164.29 at a later stage.
In the long term picture, rise from 114.42 (2020 low) is seen as the third leg of the whole up trend from 94.11 (2012 low). Next target is 100% projection of 94.11 to 149.76 from 114.42 at 170.07 which is close to 169.96 (2008 high). This will remain the favored case as long as 148.48 resistance turned support holds.
