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The EUR/JPY pair rose during the week, but failed at the 103.50 level in order to keep the market relatively consolidated. This market is very risk sensitive, so of course it will follow the headlines as they appear around the world, which of course have been erratic at best.
Once we get above the 104 handle, we think that this market will continue to the 110 level. However, this could be a bumpy and difficult ride. More than likely, we will see a bit of consolidation and run back down to the 99 handle as that seems to be the safest bet right now with everything that's going on.