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  • EUR/JPY consolidates the sharp advance made this Thursday after the ECB. 
  • More consolidation is likely below the 117.50 resistance. 
 

EUR/JPY four-hour chart

 
Euro/Yen turned higher after the ECB press conference this Thursday. The spot is consolidating the advance below the 200 SMA and the 117.75 resistance level. A daily close above this barrier is necessary for the quote to potentially build on the recent recovery. On the flip side, the underlying trend remains negative for EU/JPY a daily drop below the 117.00 figure can attract further selling to lower levels.  
 
 
Resistance: 117.50, 118.50, 119.60
Support: 117.00, 116.50, 116.00 
 
 

Additional key levels