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EUR/JPY to negate Monday's losses

© Dukascopy Bank SA
"Our European rates research colleagues strongly believe the sell-off in European fixed income should be faded, particularly given our view that the pickup in near-term data is unlikely to pressure the ECB to taper its asset purchases." 
- RBS (based on WBP Online)

Pair's Outlook 
Yesterday the Euro appreciated against the Japanese Yen, despite substantial volatility to the downside. The pair managed to overcome the 134 level and even stretched out to 134.50. Ultimately, the cross stabilised at 134.08. Today the single currency is likely to extend the rally, as technical indicators are giving bullish signals, bolstering the positive bias. The 135 barrier will doubtfully be crossed today, even though the nearest resistance rests at 135.64. Nevertheless, the pair is to at least erase Monday's losses. 

Traders' Sentiment 
Bulls keeps increasing their numbers, as 45% of all positions are now long, compared to 43% yesterday. The percentage of buy commands shifted to the minority. Now 48% of orders are to acquire the Euro.
© Dukascopy Bank SA


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