The EUR/JPY pair gapped at the open on Monday, but as you can see spent part of the day pulling back in order to fill that very same gap. The market closed at roughly 142, and as a result it looks like we are pressing up against that area for some type of breakout further to the upside. This market has been very bullish over the last several months, so it would not be surprising at all to me to see this market continue higher, and I fully expected to test the 145 level over the course of the next month or so.
It would more than likely do it much quicker, but we are heading towards the end of the year, and liquidity will start to drain from the market. I don't really think that a lot of traders are willing to throw on a ton of risk, as we get close to the holidays, so would make perfect sense that perhaps we would see continued bullishness, but only mildly so.


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