• EURJPY failed to post a weekly close back below the 55 week moving average (129.49). It has remained above the 55 week moving average on a weekly close basis for 10 weeks.
• In addition EURJPY traded marginally below the 200 day moving average which is currently at 129.66 and a short term bounce here cannot be written off.
• Beyond that however we are still focused on the 55 week moving average and a firm breach of that (on a weekly close basis) would lead us to suggest lower levels are likely.
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