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    EUR/JPY sets eye on 118.00

    © Dukascopy Bank SA
    "It seems that when [the BOJ] tries to cut rates, as they did earlier this year, the yen strengthens. And when they do nothing, the yen strengthens."
    - BNY Mellon (based on Market Watch)


    Pair's Outlook 
    On Thursday the Yen skyrocketed against the Euro, amid the BoJ leaving its monetary policy unchanged. However, the EUR/JPY pair closed trade in front of 117.00 major level, leaving the weekly S3 level at 116.49 intact, rather than meeting expectations and breaching it. With the 117.00 level being a rather solid support, the Euro could undergo a corrective rally today, but if not with the Bollinger band, which is the closest resistance, then with the cluster around 118.35 limiting the gains. Meanwhile, the lower border is the 115.50 mark, namely yesterday's low. Technical indicators, however, retain their mixed signals, as they have through most of the week. 

    Traders' Sentiment 
    There are still 57% of traders holding long positions today, but the portion of orders to buy the Euro jumped from 40 to 87%.
    © Dukascopy Bank SA

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