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  • EUR/JPY recorded fresh 2019 lows in the 116.40 region during early trade, always on the back of persistent and strong selling bias around the European currency.
  • The continuation of the leg lower is thus expected at least in the near term. The next target emerges at 114.85, May 2017 low.
  • Sporadic bouts of buying pressure should meet light resistance at 117.51, the 10-day SMA ahead of the 21-day SMA just beyond 118.00 the figure.

EUR/JPY daily chart