The EUR/JPY pair fell during the session on Wednesday, but found enough support right around the 116.50 level in order to form a hammer. The Bank of Japan is going to continue to try and weaken the Yen, and as a result this pair should continue to climb over time. With that being said, we think that another run towards the 120 level should happen, and as long as we are above the 115 level we believe that this is a "buy only" type of market. With this being said, we still think there is enough support all the way down to 110 in order to make sure that the sellers have very little room to move this market.
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