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- Nomura (based on FXStreet)
Pair's Outlook
Friday ended with the Euro outperforming the Japanese Yen for the third consecutive time, but the 123.00 major level remaining intact. Today the EUR/JPY cross opened on top of a relatively strong support, represented by the 20-day SMA, the weekly and the monthly PPs, which is unlikely to prevent the given pair from declining. As a result, attention turns to the second demand area, namely the cluster around 121.00, formed by the weekly S1, the Bollinger band and the 55-day SMA. However, the 121.50 mark is also expected to provide some psychological support and limit further losses.
Traders' Sentiment
There are now 53% of traders with a positive outlook towards the Euro (previously 56%). At the same time, the portion of orders to acquire the single currency edged higher from 42 to 58%.
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