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- Bank of Tokyo-Mitsubishi UFJ Ltd (based on Bloomberg)
Pair's Outlook
The 17-nation currency erased Monday gains versus the Japanese yen and at the moment the pair is heading towards lower Bollinger band at 97.22. A breakout of this initial resistance level would pave the way to the potential levels at 100.20 (23.60% Fibo; 55-day SMA) and 101.61 (Upper Bollinger band).
Traders' Sentiment
The bullish sentiment on EUR/JPY has slightly eased lowering from 69% yesterday to 63%. Therefore, the portion of short positions has increased from 31% to 37%. At the same time, the bearish outlook on EUR/JPY has deteriorated since yesterday as 63% (78% yesterday) of traders expect the pair to continue moving downwards and 37% of market participants stick to an opposite scenario.
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