EUR/JPY Range Established
The EUR/JPY has been trending lower as the mark down cycle is reflecting the yen losing ground against the euro. The 121.56 level is the near term support as prices are beginning to find a range. This range could be important to watch since the 121.50 level is likely to be strong support. If the market cycle transitions from the downtrend to sideways, watch for exhaustion at the floor and ceiling and play the range.
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