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    EUR/JPY awaits for a boost to pierce the 137.00 barrier

    © Dukascopy Bank SA
    "The issue of debt relief, so pushing maturity further into the future or writing off debt, will probably remain in play in the second half of this year. So whilst it would be great to move on from talking about Greece, it could well prove tough to move on in the coming weeks and months." 
    - FxPro (based on Market Watch) 


    Pair's Outlook 
    On Friday, the European currency reached a fresh weekly high, but met resistance around 137.00. However, today the EUR/JPY cross opened slightly lower and was unable to maintain trade above the 137.00 resistance cluster. As a result, the Euro might bounce back and fall down to the weekly PP at 135.64; on the other hand, if it preserves the strength, trade is then likely to close around 136.70, where the 20-day SMA rests. Meanwhile, technical indicators, although not as strong as before, are still giving bearish signals. 

    Traders' Sentiment 
    Bearish market sentiment returned to its Wednesday's level of 52%, compared to 53% previously. The number of purchase orders, on the other hand, increased from 45 to 76%.
    © Dukascopy Bank SA

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