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Pair's Outlook
The European single currency managed to retain its positions above the 120.00 major level, thus, leaving the monthly pivot point intact. Even though support, represented by the monthly PP, remains strong, the Yen's safe-haven status is likely to push the EUR/JPY cross lower again, and result in a breach of this mentioned demand area. However, technical indicators suggest otherwise, but are unlikely to be correct this time. At the moment the Euro's goal is to close above the 119.51 level, namely the weekly S2, but if bears continue to weigh on the given pair, the falling wedge's lower trend-line could easily be reached, although support is expected to be encountered earlier—near 117.60.
Traders' Sentiment
There are 53% of traders holding long positions today (down from 55% yesterday), while the number of buy orders remains unchanged at 63%.
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