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  • The correction lower in EUR/JPY appears to have met decent contention in the vicinity of 124.00 the figure, where it is now attempting to rebound from. The weekly down move recently picked up extra pace after the cross broke below the 125.64/43 band, where coincide the 10-, 100-, 55- and 21-day SMAs.
  • Despite the onoging bounce off earlier lows, the cross is expected to remain under pressure while another visit to the 123.60 region still stays on the cards in the near term.
  • In the meantime, the cross needs to clear the multi-month resistance line, today ay 126.57, to alleviate downside pressure and shift its focus to 2019 highs in the mid-127.00s seen in early March.

EUR/JPY daily chart