The EUR/JPY pair initially surged higher during the week, but as you can see the 1.3350 level was a bit too much for the buyers. The pullback formed a shooting star that is sitting just on top of the 130 handle, but we believe that there is enough support below that area in order to keep the market somewhat elevated. Any dip below the 130 handle will more than likely find a lot of buyers, so we may have to look to short timeframe charts such as the daily timeframe in order to get our buy signal. Nonetheless, this is a “buy only” market.
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