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- UBS (based on MarketWatch)
Pair's Outlook
Pair started the day immediately with a dip and did not manage to recover despite the best efforts of the bulls and at the moment is hovering below 111 JPY. Technical indicators suggest that pair will resume its rally, which is rather likely as pair is approaching areas which gave major bullish impetus in the beginning of the last week. In such case, 112.5 JPY would become the main resistance level in the upcoming week.
Traders' Sentiment
Closer to the end of the trading week traders are setting in to their roles as distribution of holdings between the bears and bulls has remained unchanged since yesterday—58% of traders hold short positions on the pair. In addition, allotment of pending orders haven't change either—58% of them are to buy euro versus the yen.
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