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- IG Securities (based on Reuters)
Pair's Outlook
If this week in general has not been good for the European currency, then at least today EUR/JPY managed to reverse some of this week's losses. At the moment, the pair is testing the 137 mark and if the currency cross closes above the level, then the weekly PP and 55-day SMA at 137.47/51 becomes a target. The majority of the daily and monthly technical indicators are pointing to the upside; therefore, strengthening the bullish outlook.
Traders' Sentiment
Despite today's advance the sentiment is becoming more and more bearish, at the moment 71% of the SWFX market participants expect the Euro to decline. As for the orders placed 100 pips from the spot, there are now less commands to buy—namely 45%.
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