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    EUR/JPY edges higher on Kuroda's statement

    © Dukascopy Bank SA
    "I think we will continue to see demand for yen in the short term. I think the market is nervous and we will see further risk aversion." - Jesper Bargmann, Nordea Bank (based on Reuters) 

    Pair's Outlook 
    The EUR/JPY's decline on Friday negated all previous week's gains, with trade opening even lower today. However, the Japanese currency weakened in the Asian session today, as the BoJ Governor's statement weakened the Yen, allowing the Euro to take the upper hand. Immediate resistance is represented by the weekly pivot point at 127.91, which is expected to limit the gains. Nevertheless, technical studies retain distinctly bearish signals, suggesting the given cross could retest the down-trend at 127.03, now also bolstered by the weekly S1, the monthly and weekly S2s. 

    Traders' Sentiment 
    There are 51% of traders holding long positions today, whereas the portion of sell orders decreased from 72 to 68%.
    © Dukascopy Bank SA

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