Support at 118.41 has failed to hold up EUR/JPY and the pair is now threatening to break below short-term important support at 117.69. If this support fails too, then a new low for the decline from 127.50 should be expected closer to 116.75.
Only a direct break back above minor resistance at 119.11 will ease the downside pressure and call for a re-test of resistance in the 119.88 - 119.59 area.
We are long EUR from 118.40 with our stop placed at 117.40
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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