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EURJPY recently reversed down from the powerful resistance level 124.250 (which stopped the C-wave of the sharp ABC correction (2) at the start of June, as can be seen below) – standing close to the upper daily Bollinger Band. Given the strength of the resistance level 124.250, the overbought reading on the daily Stochastic indicator – EURJPY is likely to correct down further toward the next support level 123.000 (low of the previous minor correction (ii)).
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