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- Barclays (based on The Wall Street Journal)
Pair's Outlook
Pair failed at weekly and monthly PP yesterday, but is retesting it today. To be fair, the pair is already trading slightly above it, but to confirm the breach it should advance above the 20-day SMA. If it happens, we could expect that weekly R1 will be breached with ease. That would put 134.5 on the map. In case the pair fails to advance above the mentioned SMA, it should dip to 131.1 JPY, but as we saw quite a few times already, it should prevent further decline in the short term.
Traders' Sentiment
Both currencies are sold in around 35% of the cases across the board. Knowing this, it does not come as much of a surprise that market sentiment remains almost evenly, 53% versus 47%, divided between the long and short traders, respectively. Majority of pending orders remain on the bullish side, but decreased by 4% since yesterday and is at 56% gauge today.
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