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- Goldman Sachs (based on CNBC)
Pair's Outlook
Not only did the European single currency appreciate against the Japanese Yen on Monday, but also erased Friday's losses completely. However, this rebound was no game changer for the given cross, as no significant level was pierced. The Euro is now reluctant to drop back under the 122.00 major level, but In case bears manage to push the single currency that low, the Bollinger band around 121.33 will be the target. Meanwhile, the weekly PP at 123.30 retains its role of the closest resistance, but the EUR/JPY pair is first required to climb over the 123.00 ledge, while technical indicators are mostly in favour of the bearish scenario.
Traders' Sentiment
Nearly three quarters (72%) of all open positions are now long (previously 65%), while the share of buy orders slid from 53 to 49%.
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