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- Global-info Co (based on FXStreet)
Pair's Outlook
The EUR/JPY currency pair managed to find support on Wednesday, successfully erasing all of Tuesday's losses. Today, however, demand for the safe-haven Yen appears to be higher, causing the given cross to move back under the 123.00 handle. The closest demand area lacks the strength to prevent further downside movement, but the second support cluster at 122.00 is expected to prevail, as it is formed by the weekly S1, the monthly PP and the lower Bollinger band. Another leg down is to reconfirm the pair's current consolidation trend, marked by the 121.50 level from the downside and the 123.50 from the upside.
Traders' Sentiment
Traders' sentiment returned to its previous level today, with 53% of all open positions being long. The portion of purchase orders increased over the last 24 hours, namely from 52 to 59%.
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