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- RBC Capital Markets (based on Reuters)
Pair's Outlook
Last week EUR/JPY appreciated and perfectly repeated the 55-day SMA movement, but was bounded by the weekly PP resistance at 121.89. Today the price demonstrates strong bullish momentum and attempts to breach this level. The next resistance is the monthly PP, which lies at 122.44 and is extremely close to the 20- day SMA, currently located at 122.97.
Traders' Sentiment
Bulls have an advantage over the bears in SWFX market segmentation, since 52% of positions are long and 48% are short. Placed orders market faced bullish sentiments, as 59% are set for a long positions and 41% for a short one.
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