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- Rabobank (based on FXStreet)
Pair's Outlook
Despite rather substantial volatility, the European currency remained relatively unchanged against the Yen yesterday. Ultimately, the EUR/JPY added only two pips, suggesting another slump is likely to take place, due to the inability to restore the bullish momentum. The strong cluster around 134.40 keeps supporting the pair from below, while the 134.00 major level might prevent the pair from reaching lower as well. Nevertheless, technical studies are giving bearish signals, indicating another possible decline.
Traders' Sentiment
Bears are now in the majority, taking up 72% of the market, while there are less orders to sell the Euro, only 65% (down from 81%).
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