EUR/JPY Classical 07.12
EUR/JPY: The market now appears to be attempting to carve out a short-term base at a minimum since dropping to fresh 2010 lows by 108.10 in recent trade. However, a break back above 114.15 will be required to take the immediate pressure off of the downside and strengthen the case for a base, while back below 109.00 threatens recovery prospects and opens a retest of the 2010 lows.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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