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- Minori Uchida, Bank of Tokyo-Mitsubishi UFJ Ltd (Tokyo) (based on Bloomberg)
Pair's Outlook
The Euro remained relatively unchanged against the Yen on Monday. The situation has changed today, as apparent from the hourly chart. The pair has been confined in an upward channel for the past four trading days. After testing the upper channel line, the Euro experienced sharp losses, falling to the lower Bollinger Band at 119.79. Technical indicators display bearish signals, confirming that the Euro is likely to come under pressure during the following days due to Brexit. This uncertainty might persuade investors to enter short positions, pushing the price even lower.
Traders' Sentiment
Traders‘ sentiment is bullish with 56% of open positions being long. Meanwhile, 52% of set up orders are to buy the Euro.
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