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- Societe Generale (based on Reuters)
Pair's Outlook
Pair took a step back earlier today, but found support with weekly R1, started appreciating again and at the moment is aiming at the 2009 high. We think it wont give up easily and pair might once again dip to weekly R1, or monthly R2, in the short term. In the medium term however, we expect it to be breached and key level at 140 JPY tested in the nearest future. In case of an unexpected failure the pair should not fall lower than weekly PP in the short term.
Traders' Sentiment
Market sentiment changed marginally. Bears continue to hold 58% of all open positions on the pair. Bullish side of pending orders increased by 3% and is at 71%.
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