EUR/JPY: The market remains under pressure for the time being and could be on the verge of a fresh downside extension below 108.00 and back towards some more significant multi-day range support in the 106.00’s. However, any additional declines below 106.00 should be limited, with the greater risk for yet another bounce by the range lows in favor of a significant upside reversal. Officially however, a break back above 112.00 is now required to relive short-term downside pressures.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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