Price action on EUR/JPY, a daily chart of which is shown, has descended all the way down to reach and dip below key support around the 127.00 price region. This occurs within the context of a prolonged sideways trading range that the pair has been entrenched in since at least mid-2009. Currently, bearishness in the euro against the yen has been a prevailing theme for more than a week. In the process, price has just hit a fresh 9-month low with even further bearishness likely. For more technical analysis on this currency pair,
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