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"Let me be clear... don't try to infer from what I say today anything on the possibility of negative rate on the deposit facility."
- ECB president (based on The Channel news Asia)
Pair's Outlook
Pair continues to be bullish as it eroded weekly R1. However, it seems to have lost momentum and seems to be just hovering slightly above the mentioned support. We don not expect the pair to advance above the weekly and monthly R2. However, in case that happens, that would put 2009 high on the map. In case of an unexpected failure the pair might once again fall till Sep high slightly below 135 JPY.
Traders' Sentiment
Although bullish side of outstanding positions increased by 5%, and pending orders by 7%, till 67%, bears continue to account for significant majority (60%) of market participants.
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