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  • The better mood in the safe haven JPY is sponsoring the persistent down move in the cross to the boundaries of 123.00 the figure.
  • The acceleration of the selling pressure in EUR/JPY could see a test of 122.58 in the short-term horizon ahead of the ‘flash crash’ to sub-119.00 levels seen in early January.
  • All in all, the negative view on the cross is expected to remain unchanged as long as the multi-month resistance line, today at 126.19, caps the upside.

EUR/JPY daily chart