We mentioned some decent resistance in EUR/JPY earlier this week and that level held beautifully and now we are witnessing a typical market retracement. This retracement could easily fall back towards 109.00 but selling breaks in a bull market is a dangerous game. I’d prefer to sell any rallies back towards yesterday’s highs and hope that a top can form.
EUR/JPY: Prefer to wait for rallies rather than jumping on bear train
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