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    EUR/JPY unable to overtake 127.00

    © Dukascopy Bank SA
    "Despite the large scale ECB easing last week, our economists are not looking for the BOJ to follow suit, certainly not in terms of a lower negative rate."
    - ING (based on Business Recorder)

    Pair's Outlook 
    Although the Euro appreciated against the Japanese Yen on Friday, as the expected correction was delayed. The pair, however, still failed to maintain trade above the 127.00 major level, whereas today's performance is likely to shift to the bearish side. The nearest support area is located out of reach around 125.70, represented by the weekly and the monthly PPs. A drop that low is doubtful, as strong demand is located at the 126.00 psychological barrier. Meanwhile, technical indicators retain their mixed signals, suggesting a possibility to edge above 127.00 persists.

    Traders' Sentiment 
    Bulls keep losing ground, as 56% of traders are now long the Euro (previously 58%). At the same time, the number of orders to sell the European single currency increased from 60 to 73%.
    © Dukascopy Bank SA

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