Note

EUR/JPY poised for a break out.....................but which way?

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For several sessions EUR/JPY has traded in a narrow 120 pip range as it seeks direction.

The chart structure on the Daily time frame looks BEARISH with a target of 131.68 (now 136.96) where the 200 EMA sits. To the north the recent high was 139.96 but this looks unlikely to be approached before we see a pull back. I'm expecting price to break the lower trendline and head for support at 132 area over the next few days.


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