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  • there's a bullish channel in here the spans back to last year's q4 $EURJPY support side was tested this morning but bulls making a strong push back-above the 130 handle https://t.co/gHQtawE3BH https://t.co/3XU9kb72f5
  • $EURJPY has mostly been consolidating between the 129.50 and 130.50 levels in April, trading around its highest point since the fall of 2018. The pair hit a fresh multi year high just shy of the 131.00 level earlier this week. $EUR $JPY https://t.co/M9gO4rcOZh
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Euro at Critical Turning Point versus Japanese Yen

Euro at Critical Turning Point versus Japanese Yen

David Rodriguez, Head of Product
Euro at Critical Turning Point versus Japanese Yen

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EURJPYRetail FX traders have bought aggressively into Euro weakness versus the resurgent Japanese Yen. Yet sentiment extremes suggest that the EURJPY exchange rate may soon set an important low.

Trade Implications – EURJPY: Yesterday we noted that a USDJPY and EURJPY break lower could spark much larger FX market volatility as traders unwind Japanese Yen-short positions. Yet the Euro has held key support at ¥138 as the Dollar trades near ¥102. The fact that retail trader long interest in the EURJPY is now near multi-year highs may instead suggest that we’re at an important sentiment and price extreme. Barring a sharp jump in volatility, the one-sided sentiment suggests the EURJPY and USDJPY could trade higher.

See next currency section:EURUSD - Euro at Clear Risk of Bounce Near Key Support

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

Euro at Critical Turning Point versus Japanese Yen

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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