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EUR/JPY to remain cool for an extra day

© Dukascopy Bank SA
"Today's recovery in prices has to do with the market taking a break from yesterday's sell-off and the possibility of the ECB moving in December, which is providing a floor for the periphery." 
- BBVA (based on CNBC) 

Pair's Outlook 
Despite rather strong volatility to the upside, the EUR/JPY currency pair was pushed back by the weekly R1 and stabilised at 132.42. The nine-day consolidation trend was not broken and is likely to limit the pair's volatility today as well, with the upper boarder represented by the 133.00 major level and the weekly R1, while the lower boundary is the 132.00 psychological level. The immediate support in face of the weekly PP should keep the cross afloat, but technical studies keep insisting the Euro is to edge lower against the Japanese Yen. 

Traders' Sentiment 
Bulls keep outnumbering the bears, with the gap between long and short positions even wider than yesterday, namely 16% points. The portion of purchase orders, however, dropped from 52 to 41%.
© Dukascopy Bank SA


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