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Forex: EUR/JPY consolidates below 125.00

The pair is posting gains on Thursday after the softer tone in the single currency dragged the cross from session highs in the proximities of 125.20 to the actual area of 124.60/65

In the opinion of I.Spivak, analyst at DailyFX, “Prices put in a Harami candlestick pattern below resistance at 125.57, the 76.4% Fibonacci retracement, hinting a move lower may be ahead. Initial support is at 124.26, the 61.8% level, with a break below that exposing the 50% Fib. at 123.20. Alternatively, a move above 125.57 aims for rising trend line support-turned-resistance at 126.52”.

As of writing, the pair is up 0.14% at 124.70
Next hurdle sits at 125.24 (high Mar.14) ahead of 126.03 (high Mar.12) and ten 126.58 (high Feb.13).
On the downside, a dip below 124.05 (low Mar.14) would clear the way to 124.00 (uptrend from Feb.27) en route to 123.80 (low Mar.8).

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