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    EUR/JPY begins journey to the down-trend

    © Dukascopy Bank SA
    "At the same time, we expect the other major central banks like the Bank of Japan and the ECB to remain dovish. So the euro's rise above $1.13 could be capped, while dollar/yen is likely to be supported at 120 yen." 
    - Nomura (based on CNBC) 

    Pair's Outlook 
    The Euro managed to reach the resistance cluster around 134.80, but failed to resume trade near the week's opening price, ultimately stabilising at 134.40. The EUR/JPY cross is expected to extends its gains, as the monthly and weekly PPs are providing rather strong support today. The pair is likely not only to negate last week's losses, but also reach a one-week high. Immediate resistance rests around the psychological level of 135.00, represented by the weekly R1, 20 and 200-day SMAs.  

    Traders' Sentiment 
    Bulls are now take up the majority of the market with 55%. At the same time, the percentage of buy and sell orders remains unchanged since Friday, at 33% and 67%, respectively.
    © Dukascopy Bank SA

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