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  • EUR/JPY has resumed the upside so far this week, managing to leave behind Friday’s retracement and advance to 4-week tops beyond 118.00 the figure.
  • The continuation of the up move now targets the key 55-day SMA at 119.65 ahead of the short-term resistance line at 119.98.
  • Above this area the selling pressure should mitigate and allow for a squeeze higher to 121.38 (high July 31).

EUR/JPY daily chart