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The EUR/JPY pair had a bearish week after initially surging higher. It appears though that the 101 level has offered support, and we could see a bit of a bounce from this area. If looking at the move in its totality, we certainly have earned the right to pullback as the move has been so strong over the last couple of months.
As long as we or over the 100 level, we think this is a bullish pair. We would buy supportive candles on the daily charts, with the weekly chart offering guidance. We think eventually this market will hit the 110 level, but 105 will be the shorter-term goal. If we do manage to break down below the 100 level, this would in turn be very bullish turn of events in this market and have us short.