The EUR/JPY pair initially fell during the course of the week, but as you can see we bounced significantly in order to form a hammer. The hammer is just underneath the 130 handle, which if we can break above that, we think that this is a nice buy signal. There is a bit of resistance above, but we think eventually will be taken out, and as a result we think the longer-term trade is deftly to the upside in this market. Obviously with the Bank of Japan working against the value the Yen, we have no interest in selling this market.
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