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EUR/JPY - A Break and Hold of 133.50 Pivot Would Create Double-Top Projection Target

The Euro is a hot mess today.

  • The EUR/JPY is testing an important pivot currently - its lows from last week at 133.55.
  • A break through that support level and then a hold will create the technical conditions for a possible double-top, which would target the 132 handle.
  • Other downside targets along the way would include 132.65, the aforementioned 132, and 131.40.
  • However, if this support level holds, (or we have a false break-down and move back higher) then it would signal we may just be entering a consolidation/ranging period.