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    EUR/JPY on the path of negating last week's losses

    © Dukascopy Bank SA
    "The context is highly positive to work on long-term transformation of Europe, which would include structural reforms to improve competitiveness, but also to work on the demand side." 
    - McKinsey Global Institute (based on CNBC)

    Pair's Outlook 
    Despite rather substantial volatility to the downside, the Euro remained relatively unchanged versus the Japanese Yen. The EUR/JPY cross added only five pips yesterday, as the weekly PP limited the gains. The single currency is expected to appreciate for the fourth consecutive day today, although technical studies retain their mixed signals. The nearest resistance is located around 135.93, represented by the 200-day SMA, while a much stronger cluster rests around 136.90. 

    Traders' Sentiment
    Market sentiment improved for the fifth day in a row, as 53% of all positions are now long (previously 52%), whereas the buy and sell order ratio is now equal to one.
    © Dukascopy Bank SA

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