4 Hourly Chart
EUR/JPY rallied mostly due to Yen’s weakness. However with risk trends heading lower, there remains a chance Yen’s strength will return into play once the market digest all the Yen Intervention rhetorics called by various Japanese big wigs.
Recent rally appears to be losing momentum for the 1st time just around 104 level, trading below the underside of the upward trendline, and the top found on 19th Oct and Resistance level around 31st Oct – 1st Nov.
103 level, which was acting as a support for most part of late October, could still lend support for the current rally.
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