EUR/JPY Technical Analysis- Prices recovered above the 23.6% Fibonacci expansion at 127.78, exposing the 38.2% level at 129.53. A further break above that aims for the 50% mark at 130.94. Alternatively, a reversal back beneath 127.78 eyes the April 16 low at 124.95.

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--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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