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EUR/JPY falls back under 136

© Dukascopy Bank SA
"You've got about 260 billion euros of euro bonds which are going to be redeemed in the coming six or seven weeks. It's quite likely that a significant portion of these bonds will not be rolled over... That should keep the euro under pressure." 
- Commerzbank (based on Reuters) 


Pair's Outlook 
The Euro overperformed last Friday, as it pierced through the immediate resistance cluster. The EUR/JPY pair edged up for the fourth consecutive day and even stretched out to 136.50, but closed trade slightly lower at 136.40. Today, however, the cross is expected to bounce back and undergo a correction. Around 135.30 lies a strong support cluster, represented by the weekly and monthly pivot points, which should limit any losses. Meanwhile, technical indicators retain mixed signals in the daily timeframe. 

Traders' Sentiment 
Bullish market sentiment slightly improved, as 53% of traders are now long the Euro (previously 52%). The number of buy orders lost ten percentage points. They now account for 38% of the market.
© Dukascopy Bank SA


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