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EUR/JPY bounces but still carries significant downside risk

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/JPY bounced modestly on Thursday afternoon as global equity markets took a breather and rebounded off their recent lows. This alleviated some pressure from EUR/JPY as the safe haven yen eased off its latest highs. Despite Thursday’s rise for EUR/JPY, the currency pair continues to trade within a tight consolidation just off last week’s eight-month low of 126.77. This consolidation has currently formed an inverted pennant pattern, which is generally seen as a potentially bearish chart

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