Price action in the EUR/JPY looks to remain confined by a rising trend which has held since June 30th. As I remain bearish on the euro, I will look to short the pair with a test towards 114.50 over the next 48 hours. However, I do not rule out a rise in risk appetite ahead of next week’s stress tests measures as policy makers continue to reiterate positive comments, while traders overlook the fact that a lot of detail still remains unknown. As of late, the pair looks to test the 50-day SMA, which is resistance turned support. If my trade is indeed triggered, I will look to target 113.58, with a break below exposing 112.87.
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