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- Canadian Imperial Bank of Commerce (based on Reuters)
Pair's Outlook
Last week the pair fell below the 137 level and failed to appreciate above it. However, today the Euro has breached the weekly and monthly PPs at 136.84/95 and climbed above the 137 mark. The daily and monthly technical studies are bullish, indicating that a further gains are expected. As EUR/JPY is underpinned both by weekly and monthly PPs and technical indicators we expect it to reach the 55-day SMA and weekly R1 at 137.45/47.
Traders' Sentiment
The traders sentiment towards EUR/JPY returned to 31%, after falling to only 29% of them being bullish on Friday. Concerning the buy and sell commands placed, their numbers are almost completely identical at the moment.
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