The EUR/JPY market was obviously a tad short and perhaps it still is. The pair popped from 123.60 to 124.10 on what was basically an AUD event but it has not fallen back at all which suggests to me that the market is still short. Previous major support at 124.40 and the 61.8% retracement of the 127/120.70 fall at 124.60 are the next main technical targets. That’s why there are so many stops parked tight above that level.
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