EUR/JPY Classical 03.12
EUR/JPY: Has been very well supported by psychological barriers at 120.00, with the cross in the process of correcting over the past few sessions. From here, look for some additional upside towards 125.25, with a break above to accelerate gains and likely signal a material base in place. However, inability to sustain gains beyond 125.25 will suggest that the market is only consolidating and could indeed be poised for additional weakness below 120.00.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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