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  • The cross is extending the promising start of the week and is now regaining the mid-124.00s after bottoming out in the 123.85/80 band on Friday.
  • Initial target on the upside emerges at t he 55-day SMA at 125.23 ahead of the 100-day SMA at 126.35.
  • While below the short-term resistance line, today at 126.68, EUR/JPY is expected to remain under further downside pressure.

EUR/JPY   daily chart