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"This is the season when 'no news' isn't necessarily 'good news.' Spanish bond yields are going up because very limited selling is meeting a total dearth of buyers. The euro is edging lower in sympathy."- Societe Generale (based on MarketWatch)
Pair's Outlook
The shared European currency fell against the Japanese Yen and currently the pair is approaching an initial support level at 96.21 (Upper support line; S1 Weekly). However, if bearish momentum strengthens and the first support line is going to be breached, 95.60 (June 1 Low) and 95.11 (S2 Weekly) are likely to be next.
Traders' SentimentTraders' sentiment remains bullish on EUR/JPY today, though it slightly weakened compared to yesterday as 71% (74% yesterday) of market participants are presently long on the currency pair and 29% of traders still expect the pair to decline further. The allocation of long and short positions points at a weakening bullish sentiment as 54% of investors expect the pair to advance over the middle term.
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