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The EUR/JPY pair shot straight up during the session on Tuesday as the 102 level now looks very supportive. We did manage close the session above the 103 handle, and as such it does look like we're destined to go much higher. The last bit of resistance that we see for the immediate future is at the 104 level. If we get above that, we are quite frankly going to be aiming for 110 before it's all said and done.
As for shorting this pair, we would have to see some type of resistant candle in this general vicinity, and we could at that point see a return to consolidation between 100 and 104. However, as things look right now we believe that the buyers will eventually win out. If there is an announcement of the Spanish bailout, this pair will shoot straight up.