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– Royal Bank of Scotland Group Plc. (based on Bloomberg)
Pair's Outlook
Yesterday the European currency erased Tuesday's losses completely, but was unable to post any significant gains. Nevertheless, BoJ Kuroda's speech earlier today caused weakness in the Yen, allowing the Euro to take the upper hand. As a result, the EUR/JPY pair's volatility reached the second resistance cluster, but gains are unlikely to remain at such highs. Ultimately, we should see a close in between the first and the second resistances, around 113.60, the level which the cross struggled to overcome since the previous week. Technical studies, on the other hand, are contradicting with the forecast, as they keep giving bearish signals.
Traders' Sentiment
For more than a week now the share of bulls barely changes, having risen from 63 to 65% today. There are 58% of orders to buy the Euro.
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