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- deputy director general at the General Secretariat of the Council of the European Union (Based on CNN)
Pair's Outlook
Pair continues to depreciate; it dipped below the 133 JPY but seems to have found support with the 55-day SMA. However, we expect it to be a short term effect despite the strength indicated by the technical indicators. We expect the pair to trail to 100-day SMA slightly below the 132 JPY. In order to uplift most of this pressure the pair should advance above the 20-day SMA.
Traders' Sentiment
Bulls took a major swing at the market and increased their holdings by 18%, but still hold less than half (48% in total) of all open positions. Bullish side of pending orders remains in clear favour of the bulls (67% set to go long).
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