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The EUR/JPY pair tried to rally during the Friday session but fell much like the EUR/USD pair. However, we see quite a bit of support all the way down to the 100 level, and any fall in the value of this currency pair should attract buyers at this point. In fact, we are willing to wait until we get the supportive candle between here and 100 in order to go long.
It isn't until we break the 99 level that we would consider selling this currency pair. We think this recent breakout is simply trying to fall low enough to retest previous resistance as support. As such, we are very bullish of the pair.