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EUR/JPY on the edge of falling

© Dukascopy Bank SA
"The BoJ probably won't alter policy any time soon but its current pace of QE is already aggressive, equating to $54bn per month. This should keep Japanese bond investors looking abroad for higher yields, chipping away at the yen."
- Westpac (based on FXStreet) 

Pair's Outlook 
The EUR/JPY currency pair remained relatively unchanged over Wednesday, having lost only four pips. Furthermore, the volatility was limited between the weekly S1 and weekly PP, with growing risks of the consolidation trend being broken. However, the immediate support in face of the weekly S1 is unlikely to be pierced just yet, despite technical studies retaining their bearish signals. The Euro might also recover from intraday losses and end the day with a 40-pip gain, climbing over the weekly PP. 

Traders' Sentiment 
Market sentiment barely changed over the day, as 53% of all positions are long (previously 52%). At the same time, the number of sell orders decreased by seven percentage points to 57%.
© Dukascopy Bank SA


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