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- Wells Fargo& Co based on Bloomberg)
Pair's Outlook
The EUR/JPY is seen declining for the third consecutive day. The Friday session met mostly bears as the pair tumbled to a significant 380 pips range from the last close at 134.696, forming the daily low at 130.919 level. However, some of the market bulls succeeded in letting the EUR to regain half of the daily losses. At the time of writing, the cross was seen trading above the Bollinger band at 132.087.
Traders' Sentiment
The market is highly bearish right now as all of the participants placed the 100- and 50- pip range pending orders to sell. However, the actual opened positions are still quite bullish since only 44.33% of traders are short.
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