EUR/JPY Classical Technical Report 09.09
EUR/JPY: The market remains under pressure for the time being and could be on the verge of a fresh downside extension below 108.00 and back towards some more significant multi-day range support in the 106.00’s. However, any additional declines below 106.00 should be limited, with the greater risk for yet another bounce by the critical range lows in favor of a significant upside reversal. Look for an eventual break back above 112.00 to officially relieve downside pressures.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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