After brief retreat to 158.24, EUR/JPY's rally from 151.71 resumed and extended sharply higher to 164.67 to close the week strongly. As discussed before, firm break of 161.38 resistance confirms that fall from 167.72 has already completed. From a short term angle, initial bias remains ont he upside this week as long as 162.67 minor support holds. Further rally is expected to be seen towards upper end of medium term range at 168.93. On the downside, below 162.67 will turn intraday outlook neutral first. But break of 158.24 is need to indicate rise from 151.71 has completed. Otherwise, further rally is still in favor after pull back.