TD notes that EUR/JPY has stalled near the 50% Fibo retracement level from the 2014/2016 high/lows.
" We view this as a pause that will refresh higher as we remain core EUR bulls. This, we think, offers an attractive/cleaner let to express JPY risk."
TD, thinks that 127.70 offers the first level of decent support to refresh long exposure in the event the ECB/Draghi disappoints, with 125.50/80 as very durable pivot.
On the top side, TD would eye a move towards 135.00
Source of the graph: Bloomberg Pro Terminal
Trader - S. Fuchedzhiev
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