EUR/JPY’s rebound from 110.69 extended further to as high as 122.27 last week but failed to sustain above 4 hours 55 EMA, reversed and fell sharply. Initial bias remains on the downside this week and retest of 110.69 low should be seen. However, break here is needed to confirm fall resumption. Otherwise, more consolidations would be seen first. On the upside, above 116.55 minor resistance will flip intraday bias back to the upside and bring another rise as correction from 110.69 extends.
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