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- Rabobank (based on FXStreet)
Pair's Outlook
Friday ended with the Euro once again edging higher against the Japanese Yen, closing in close proximity to the ascending channel's resistance line. Overall, the channel pattern first emerged four weeks ago, heading for a fifth one today, unless the exchange rate successfully surges beyond 118.00. Even though the weekly R1 and the monthly R2 are bolstering the channel's upper border today, a bullish development is not out of the question, as technical indicators are giving mixed signals in the daily timeframe, implying that either outcome is possible. From the technical point of view, bears should be capable of triggering a U-turn either today or tomorrow.
Traders' Sentiment
SWFX traders' sentiment reached a perfect equilibrium today, while the number of buy orders inched up from 50 to 51%.
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