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- PineBridge Investments (based on Reuters)
Pair's Outlook
55-day SMA and monthly PP did not manage to keep the pair above the 133 JPY mark. At the moment it is trailing towards 100-day SMA around 134 JPY. Despite the strength shown by the technical indicators we could expect that the pair could trail as low as October low. It is a bit too early to talk what might happen after that. In order to neutralise most of this pressure the pair should show a solid close above the 20-day SMA. That would put September high on the map.
Traders' Sentiment
Market sentiment remains exactly the same as yesterday—55% of traders hold short positions on the pair; 64% of all pending orders are set in favour of the bulls as well.
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