The EUR/JPY absolutely took off today, as traders got excited by the continuation of easy money from the Federal Reserve. As long as the central bank is willing to be accommodative, the markets will react well. This leads to JPY selling and the EUR gains against the dollar as well. In other words, this is a bit of a perfect storm as the chart has proven the 120 area to be supportive. Buying is the only choice, and a break of today’s high would be the signal. On the off-chance that we get a pullback in the near-term, consider it a buying opportunity.
Originally posted here
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