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- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
After falling below the major level at 147, the EUR/JPY received a bullish impetus that let the pair to test the weekly PP at 148.12. Nonetheless, the pair has not been able to surpass the level just yet, as it slid back towards the 20-day SMA at 147.61. Meanwhile, a distinct majority of the technical studies remain bullish and this is a clear Euro-positive. If the pair manages to breach the weekly PP then a test of this year's high at 149.80 is likely.
Traders' Sentiment
Even though there are relatively less bearish market participants than yesterday, the overall sentiment towards EUR/JPY is negative—60% of positions are short. As for the orders, 52% are to sell the common currency against the Japanese Yen.
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