The pair continues to consolidate but seems to carve out a material base on top of its historical low (76,00).
Considering the overall setup, we are not necessarily bearish and we expect a continuation to the upside sooner or later, in particular with the foreseeable next BoJ intervention to curb the Yen strengh.
The first barrier to the upside is 77,20. A break above this level exposes key 78,00 resistance.
For the time being, we will remain on the sidelines as we expect some choppy price actions going forward.
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