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- Commerzbank AG (based on Bloomberg)
Pair's Outlook
The Europe's common currency breached the weekly PP and 20-day SMA at 136.86/137.04 today. At the moment of writing the pair is trading above the major level at 137; nevertheless, to our mind the key resistance level is slightly higher at 137.37. It is a down-trend resistance, this trend formed on March and the pair has not closed above the upper boundary ever since. Therefore, in case EUR/JPY breaks this level and confirms it with a close we might see a jump towards the monthly PP at 137.75.
Traders' Sentiment
Even though we are seeing a more or less substantial movement the sentiment towards the pair has changed just slightly. As of today 54% of the market participants are bearish.
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