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Pair's Outlook
The Euro failed to edge higher for another day yesterday, but the immediate support limited the losses. Technical studies retain their mixed signals today, hence, we expect a correction to take place, with the EUR/JPY rebounding from an even stronger support today, as the Bollinger band is now bolstering the weekly S1. However, gains are likely to be capped somewhere around 131.60, the Monday's closing price, with a slight possibility of the 132.00 major level getting tested again.
Traders' Sentiment
Today 54% of all open positions are long (previously 46%), whereas the percentage of orders to acquire the Euro also improved, now taking up 51% of the market (previously 40%).
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