The EUR/JPY has stabilised over the last several months, into a consolidation period in which significant resistance is being found at 115.096 and a support zone between 1.8.117 and 1.5.472 are seeing buys come in stopping the price from falling further.

As the week ahead commences, Long targets are unchanged @ 115.280. If buyers are able to push through this level then 119.707 is the next significant resistance level at which sellers are likely to come in as this pair continue to respect the Fibonacci levels.

As for short targets, conservative traders will want to take off short position at 108.117 and those expecting further selling pressure will want to look at 105.472

If the price breaks this level, then we might expect a very steep run through levels to either 99.917; a significant support level from 2001 and then perhaps even 89.330, the ultimate key support level for the EUR/ JPY.

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