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EURJPY recently reversed down from the resistance area lying between the key long-term resistance level 126.800 (former resistance from the start of 2019), intersecting with the upper weekly Bollinger Band. Given the overbought weekly Stochastic and the strength of the aforementioned resistance level 126.800 – EURJPY is likely to extend the losses toward the next support level 124.000 (former powerful resistance from the middle of this year).
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