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    Euro finds strength to fight the Yen

    © Dukascopy Bank SA
    "European creditors seem to think that the threat of the ECB pulling the plug on its emergency lending to Greek banks will spur Athens into signing off on terms they have previously rejected. With the referendum as backup, it seems more likely that Tsipras and co will take the threat of collapse back to the creditors." 
    - CMC Markets (based on WBP Online) 

    Pair's Outlook 
    The European currency completely negated the two-week gains, as it reached a six-week low yesterday. The support cluster managed to stop the losses and pushed the EUR/JPY cross slightly back up, where it closed at 133.83. Although technical studies retain their bearish signals, we believe a rebound is likely to take place, as the pair approached a solid support cluster around 133.00. The Euro has already reached a daily high above 135.00, but it should settled just above the 134.00 major level, around 133.30. 

    Traders' Sentiment 
    Bulls retreated again, as only 47% of traders hold long positions today. At the same time, the number of commands to acquire the single currency declined as well, from 43 to 21%.
    © Dukascopy Bank SA

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