EUR/JPY appears to be in the midst of a recovery from the recent 95.60 low made at the beginning of June. If a break under 98.54 can be realised this will increase the probability that 100.95 marks a lower high.

We would need to see the re-capture of 102.13 to suggest that a major low has formed, setting the stage for a return to 104.62 initially as the 111.43 decline is retraced.

In the meantime the bias remains negative, due to our individual views on USD/JPY and EUR/USD.

Daily Technical Report