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– based on Daily Mail
Pair's Outlook
The Euro performed poorly within EUR/JPY , posting losses below the weekly Pivot Point. We are looking for the 55-day SMA to cut the losses at 114.50 with 114.36 being the next near-term target. If the Yen continues to beat the Dollar, 114.09//02 will put up more demand pressure for the pair to overcome. The rate is currently undergoing a correction, as implied by its location inside of the Ichimoku cloud with bullish pressures stemming from Tenkan-sen, which rests below the closing price as well as the Tankan-sen and Kijun-sen crossover. With these pressures, the rate could gain over the following sessions with near-term resistances at 115.79 and 115.83.
Traders' Sentiment
Sentiment remains bullish with 62% of positions being long (previously 68%). The share of buy orders has dropped from 63% to 56%.
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