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  • The recovery in EUR/JPY remains well and sound at the beginning of the week sustained by the better tone in the euro and increasing selling pressure in the Japanese currency.
  • Immediately above emerges the next hurdle at October tops in the 121.50 region. A breakout of this area is needed to attempt a move to the key 200-day SMA, today at 121.83.
  • On the flip side, occasional dips should be contained initially at last week’s lows near 119.20. The 55-day SMA at 119.33 also reinforces this area of support.

EUR/JPY daily chart