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The EUR/JPY pair fell hard during the week as the situation in Europe continues to concern traders around the world. Spanish and Italian bond yields have both risen over the last week, and as such the Euro is being sold off.
The pair managed to close right around the 95.50 level, and is pressing against recent lows. This suggests to us that we are going to see a move even lower, and as such we are willing to sell this pair on any rally that comes. In fact, we are not willing to go long of this pair anymore into we break above the 101 handle.