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  • EUR/JPY is bouncing from the March lows as the market is looking for a clear direction.
  • More sideways consolidation is expected in the near term.  

EUR/JPY daily chart

EUR/JPY is trading in a bear trend below the main daily simple moving averages (SMAs). The spot is experiencing unusual volatility amid market turmoil. 

EUR/JPY four-hour chart

EUR/JPY is bouncing off the March lows and is now entering a choppy market in the 117.00/119.00 range. The spot is expected to trade sideways as the market stabilizes and decides a new direction.   
Resistance: 118.66, 119.16, 119.66
Support: 118.42, 117.93, 117.19

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