The weaker JPY we just have described in the USD/JPY article is playing right into our outlook for EUR/JPY. Here too, we are looking for more upside action as JPY weakens. We continue to look for a rally to 133.00 and above here will open for our long-term target seen at 139.21 and ultimately we higher towards the extension target at 148.37.
Short-term we should expect resistance at 131.08, but it should only be temporary before the next rally higher to 133.00 and ultimately above here too for the next impulsive rally higher to 139.21.