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The EUR/JPY pair fell during the session on Thursday but bounced again at the 98 handle. It seems like there is a bit of a "brick wall" at the 98 handle currently, but we have to also acknowledge the fact that there is a ton of resistance all the way to the 101 handle. Because of this, this is one of her least favorite pairs right now although it is certainly giving a reasonable buy signal.
The Bank of Japan is manipulating the Yen in general, and we are starting to wonder whether or not they are involved in this pair as well as against the US dollar. Whatever the reason, it doesn't matter as we can clearly see that the 98 handle is an area that has massive support at it. Because of this, we are fairly ambivalent about this pair at the moment and would rather sit on the sidelines as we don't see the ability to break down as being likely, but then again see a ton of resistance above.