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    EUR/JPY retains post-ECB weakness

    © Dukascopy Bank SA
    "The ECB delivered the most dovish policy signal possible while leaving its monetary stance unchanged at yesterday's meeting. The euro is now likely to remain under downward pressure heading into the ECB's next policy meeting on the 3rd December as the market increasingly discounts further policy easing in advance." 
    - MUFG (based on FXStreet) 

    Pair's Outlook 
    The European currency suffered from the Mario Draghi's statement a lot more than anticipated, as the third support in face of the 200-hour SMA, monthly PP and weekly S1 was pierced. The EUR/JPY even crossed the triangle pattern's lower trend-line, stabilising in front of the 134.00 major level. The Euro remains weak today as well, with an expected drop below 134.00 today. The nearest support is located around 133.55, represented by the weekly S1 and the Bollinger band, which if broken, is likely to trigger a sharper fall towards the September low at 132.23. 

    Traders' Sentiment 

    Although only 51% of positions are long and 49% are short, 91% of orders are to sell the Euro in the 100-pip range from the spot price.
    © Dukascopy Bank SA

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