EUR/JPY: The cross finally appears to have put in some form of a base by 121.00, with the market recovering and most recently breaking back above some recent consolidation highs at 124.25 to confirm the basing. From here, scope exists for some fresh upside towards next key resistance at 127.00 over the coming sessions. Any setbacks should be well propped ahead of 122.50.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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