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The EUR/JPY pair rose during the session on Wednesday, to break above the range from the Tuesday candle. However, we are still well underneath the 101 handle, and it looks like we still have a bit of resistance on our hands. With this being said, we are not willing to buy this market until we get a daily close above 101, and will sit tight until we do.
As for selling this market, if we can get down below the 90.50 level we would consider it broken enough to do so. In the meantime, we can find easier ways to play the Euro.