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EURJPY Halfway to Its Near-Term Target of 128.30
On November 30th, I wrote about a pending bullish breakout from EURJPY. At the time, the pair was trading at 124.64. Fast forward to today, and EURJPY is up 170 pips. The pair has also broken above the 125 handle. The market also appears to have closed the week above the trend line that extends from the 2014 high. The trend line above is the same one I mentioned in my November 30th commentary. If the pair did break that trend line on a weekly closing basis, expect much higher prices for the EURJPY. However, buyers face a key test between 126.80 and 127.00. That region has been critical resistance since March of last ... (full story)