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- Sumitomo Mitsui Trust Bank (based on Reuters)
Pair's Outlook
Pair was pushed back after stepping up closer to 122 yesterday, but receiver support from weekly S2 and at the moment is testing 121. Such developments strengthen the view that pair might be range bound and has narrowed it somewhat to 120.5-121.5. From the readings of technical indicators it seems that pair might dip, most probably to 118.76, once more, but should meet the expectations of major market participants afterwards and climb to 123.
Traders' Sentiment
It seems that situation in the market is still rather unclear—3% of traders witched sides again and at the moment bulls constitute for 53% of market participants. Pending orders, however, suggest that bulls should eventually take the upper hand as 62% of pending orders are to buy the single currency versus the yen.
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