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- Saxo Bank A/S (based on Bloomberg)
Pair's Outlook
The single currency managed to rebound on Tuesday, gaining a total of 20 pips against the Yen. However, the trading range, where the EUR/JPY is currently stuck, was not broken. The 55-day SMA is still providing support at 133.31, but the resistance around the 200-day one weakened today, as the Bollinger band is no longer bolstering it. As a result, the Euro might take this opportunity and pierce the immediate resistance at 134.10, which then is likely to lead to the test of the 100-day SMA and a verification of the down-trend at 134.81.
Traders' Sentiment
Bullish traders' sentiment returned to its Monday's level of 74%, while the portion of buy orders dropped 27% points to only 30%.
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