TD Research 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 leg to express idiosyncratic JPY risks,” TD argues.
Strategy-wise, 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 topside, TD would eye a move towards 135 initially.
Source: TD Securities Research
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