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EUR/JPY Technical Analysis: Remains sidelined around the 10-day SMA near 118.30

  • EUR/JPY is prolonging the erratic price action so far this week and it is now fading yesterday’s pullback in tandem with increasing selling pressure around the Japanese safe haven.
  • The resumption of the selling bias carries the potential to drag the cross to another visit to 2019 lows in the mid-117.00s (August 12) ahead of the 2017 low at 114.85. This view is expected to remain well on the cards while below the immediate resistance line at 119.92.
  • On the way up, interim hurdle emerges at the 21-day SMA at 119.13 ahead of last week’s tops in the 119.60 region.

EUR/JPY daily chart

 

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