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- Sumitomo Mitsui Banking Corp. (based on Bloomberg)
Pair's Outlook
The pair continues to trade around the major level at 139; however, it almost touched even the 138.50 today. It seems that the major level at 139 has halted the pair's decline; however, it is not excluded that the pair could approach the monthly S2 and weekly S1 at 138.38/30. The short term technical indicators are largely bearish; therefore, a retreat towards the monthly S2 is possible. Nonetheless; we see the pair trading above the 200-day SMA at 139.30 ultimately.
Traders' Sentiment
The SWFX traders are getting more convinced that the Euro is going to appreciate relative to the Japanese Yen. The bulls take up 55% of the market.
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