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  • EUR/JPY is extending the choppy trade seen in past sessions, although a sustainable breakout of the 118.00 barrier still looks elusive.
  • A break above the current consolidation should expose the immediate target at 119.01, where sits the 21-day SMA, ahead of 119.58 (high August 13).
  • Looking at the broader picture, while below the 55-day SMA at 120.72 the bearish view is expected to remain unchanged. This area is also reinforced by the multi-month resistance line at 120.88.

EUR/JPY daily chart