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- Pantheon Macroeconomics (based on CNBC)
Pair's Outlook
Although just yesterday it looked as if support at 122.80/70 is going to hold, today EUR/JPY appears to be focused on breaching both the weekly PP and the recently established up-trend. The bearish case is further strengthened by the technical indicators, which are pointing south in all time frames. If a close below 122.80/70 is the case, the next significant demand area will be around 121.50 euros, where the monthly S1 coincides with the weekly S2.
Traders' Sentiment
There has been a notable change in positioning. The share of longs, which was as high as 63% yesterday, is now 10 percentage points lower, namely at 53%. Moreover, during the last 24 hours the portion of buy orders has fallen from 62 to 40%.
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