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EUR/JPY shot aggressively higher at the end of last week and has eroded the mid October high at 121.47. Karen Jones of Commerzbank sets the new targets to reach for the pair.

Key quotes

“Our attention is on the 122.63/88 the recent high, but it is possible that this will hold the initial test. Above here will target 123.55, the 2018-2020 downtrend.” 

“Near term dips lower should be contained by the 20 day ma at 120.08.”