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- Institute of International Finance (based on Bloomberg)
Pair's Outlook
The EUR/JPY cross opened above the last week's closing price yesterday; however, today it dipped towards July Low at 136.37. At the same time, the pair also tested the major level and 20-day SMA at 137.00/01. We think that the Euro will continue to challenge the 137 level, as the pair's bulls have regained confidence in the pair after the last week's rebound from this year's low at 134.15. Nonetheless, in the short-time a slide towards the weekly PP and monthly S1 is possible.
Traders' Sentiment
The SWFX traders' sentiment remains slightly bullish as 55% of them have opened a long positions. In the meantime, the share of buy orders grew from 54% up to 57%.
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