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  • The outlook is bearish as daily stochastics recovery to give more room to the downside, 1HR and 4HR also lean bearish.  
  • EUR/JPY bears ran out of steam down at  122.08 which guards the 121.53 61.8% Fibonacci retracement level.
  • 119.91 78.6% Fibonacci retracement comes in as next downside target.
  • Bulls need to clear 123.24/75, at the downtrend line and the May 21 high ahead of the  55 day ma at 124.68.