EurJpy to rise 500 pips

After reaching a recent low in the 153 zone at the beginning of the year, EurJpy began to ascend. By mid-January, it successfully surpassed the 158 resistance and surged upward, reaching a peak at 162.

A normal correction ensued, confirming the establishment of a new support level at 158. Yesterday, the pair made a higher low, and the current price is breaking above short-term resistance.

I anticipate a continuation of the upward trend, with EurJpy potentially reaching 165 in the medium term.
The viability of this bullish scenario is contingent upon the pair avoiding a break below 158.