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- Bill Schultz at McQueen, Ball & Associates (based on Bloomberg)
Pair's Outlook
The EUR/JPY jumped from the Bollinger band at 130.683 up to the weekly PP at 133.53, respectively gaining about 240 pips. The general market mood was highly bullish today, yet, some of the indicators are still forming a bearish outlook. The 55– 100– and 200– day SMA's are pointing to the south. Meanwhile, the pair is still being quite oversold.
Traders' Sentiment
The outlook is still bullish since 56% of opened positions are opened long. Yet, only about the same percentage of 50– and 100– pip pending orders are set to buy, 13% and 10%, respectively.
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