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The EUR/JPY pair initially fell during the session, but bounced in order to form a hammer at the 103.50 level. This hammer looks rather attractive, and we are buying this pair on a break of the highs from the session. Obviously, the 103 level looks supportive now, and we think we will continue to grind higher. Needless to say though, if there are headlines out of Europe, this could push this pair back down. Overall though, we are bullish of this pair and believe that the upside is the right side going forward.