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  • EUR/JPY’s decline appears to have met decent support in the 117.00 neighbourhood so far.
  • The resumption of the upside bias should target the 118.50 region in the short-term horizon.

The downside momentum in EUR/JPY lost momentum in the 117.00 area so far, after being rejected from monthly tops in the mid-118.00s.

If sellers remain in control, the corrective move could morph into a more important drop to, initially, the April’s low at 115.44.

In case the buying interest resurface, then the 118.50 area should return to the investors’ radar.

EUR/JPY daily chart