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– Royal Bank of Scotland Group Plc (based on Bloomberg)
Pair's Outlook
The EUR/JPY remained relatively unchanged on Tuesday, once again unable to climb over the 123.00 major level. However, technical indicators keep giving bullish signals today, suggesting a surge beyond that threshold is possible. Another rally would also reconfirm the ascending channel's support line, while a tough resistance cluster around 124.00, represented by the Bollinger band, the weekly and the monthly R1s, would prevent any substantial gains. A jump further implies a retest of the channel's upper border, but the Euro is not seen advancing that far today.
Traders' Sentiment
There are now 55% of traders with a positive outlook towards the Euro today, compared to 54% on Tuesday. At the same time, the number of orders to purchase the single currency inched up from 43 to 65%.
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