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- ABN Amro Bank NV (based on Bloomberg)
Pair's Outlook
The EUR/JPY currency pair failed to appreciate on Thursday, breaching the tough support at 119.50. The given cross now faces another strong demand cluster at 118.75, represented by the lower Bollinger band, the weekly and the monthly S2s. In case this area gets pierced, the next target will become the 200-day SMA, located at 117.70. However, there is another possible obstacle on the pair's path, a trend-line that rests just below today's opening price. This trend-line kept causing rebounds ever since the pair's bearish trend began in December 2016. Meanwhile, technical studies also suggest the Euro is to keep weakening against the Yen today.
Traders' Sentiment
There are 55% of traders being long the Euro today (previously 57%). The number of buy orders returned to its Wednesday's level of 62%.
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