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- Forex.com (based on Business Recorder)
Pair's Outlook
The European single currency sustained a minor loss against the Japanese Yen on Wednesday, but with the monthly PP managing to hold the losses. Nonetheless, the EUR/JPY cross remains in a short-term up-trend, with the exchange rate expected to climb back over the 124.00 major level. The closest area to limit the gains is still represented by the weekly R2 and the 55-day SMA around 124.60, an area the given pair failed to breach for two consecutive days this week. Technical indicators are giving mixed signals in the daily timeframe, unable to confirm the bullish scenario.
Traders' Sentiment
There are 57% of traders holding long positions today, compared to 55% on Wednesday. At the same time, the portion of orders to acquire the Euro declined from 56 to 45%.
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