
EUR/JPY – The market is in the process of undergoing some consolidation, with the price confined to the middle of a very well defined multi-week range. We retain no bias at current levels and would recommend watching for a break above 136.00 or back below 131.00 for clearer directional bias. It is worth noting that the price is currently testing the 200-Day SMA. The longer-term SMA has supported since May.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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