EUR/JPY Classical 03.30
EUR/JPY:The market has finally taken out some critical multi-week range resistance in the 116.00 area and we believe this to be a significant medium-term development. The break above 116.00 now suggests that a major base is in place with fresh upside now projected back towards the 125.00 area over the coming weeks. In the interim, look for any inter-day pullbacks to be well supported ahead of 110.00.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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