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EUR/JPY: Potential to test 138 while above 136.48 - 2ndSkies

FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies, e as long as EUR/JPY can hold ST support around 136.48, the pair has the potential to test the resistance just under 138.

Key Quotes

"After forming a long tailed pin bar on Oct. 16th, the EURJPY has failed to find much upside over the last 7 days, only gaining 70 pips in the last 7 days, so nothing to write home to mama about."

"After losing most of that ground last week, the pair eventually found some impulsive price action buying a 2nd time around just above 135 where most of it seems to be concentrated."

"For now, the pair is holding above the ST support around 136.48. If this holds, then the pair should test the resistance just under 138. Above here, the next resistance levels come in at 139.25 and 140.50."

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