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- Citigroup (based on Reuters)
Pair's Outlook
Wednesday, as expected, was another day of consolidation, being that the EUR/JPY pair remained relatively unchanged, even though rather strong volatility was seen. Nevertheless, the European single currency received a strong boost today, allowing the given cross to erase all this week's losses and establish a fresh four-week high. The immediate resistance area, however, is expected to hold the pair from appreciating further. The 121.50 level still represents a strong psychological resistance, which coincides with the nearest resistance cluster today.
Traders' Sentiment
Market sentiment turned bullish again today, with 52% of all open positions being long (previously 49%). At the same time, the share of purchase orders declined from 58 to 45% during the last 24 hours.
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