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- Commerzbank (based on Reuters)
Pair's Outlook
The Euro rallied for the third day in a row, and the yesterday's gains exceeded the preceding rally. EUR/JPY tested resistance at 128.66, but the trading session ended with the cross stabilising at 128.08. Today the pair is expected to edge up again, with gains limited at 128.66. However, the technical indicators are distinctly bearish on the short and medium time-frames, suggesting a decline. Hence, there is a possibility that some external factors might weigh on the Euro and force it to slide down.
Traders' Sentiment
SWFX market has more bulls than bears, with 61% of participants being long the common currency. Meanwhile, the share of commands to acquire the Euro declined from 65 to 30%.
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