EURJPY longs from Tuesday (121.70) are nearing the 123.20 and 124.00 targets. 123.20 is the 50% retracement of the decline from 127.70 (February high) and 20 day average. 124.00 is an admittedly agressive objective that rests between 2 technical measures; the trendline that extends off of February highs is at 123.90 today and the 61.8% retracement is at 124.27. Risk at this point is moved up to 121.75.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.