EUR/JPY’s rebound last week suggests that corrective pull back from 161.84 has completed at 158.06 already. Initial bias remains on the upside for 161.84 resistance first. Firm break there will rebound whole rise from 153.15 to retest 161.84. For now, further rally is expected as long as 158.06 support holds, in case of retreat.
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 148.38 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. Next target would be 169.96 (2008 high).
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 148.38 resistance turned support holds.
