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The EUR/JPY pair rose during the Friday session and even managed to break above the 100 handle. However, we are still within the resistance band that extends all the way to the 101 handle. With this in mind, it is difficult to buy this pair, and we expect some type of resistance to push the market back down.
Once we clear the 101 handle however, we are more than willing to start buying this pair as there is very little in the way of serious resistance until we get to the 110 handle. This is essentially a binary trade, either we get above the 101 handle, or we don't. Depending on what side of that level we are, we are looking to trade in that appropriate direction.