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- Commerzbank (based on Reuters)
Pair's Outlook
EUR/JPY is under a bearish pressure for a second week, as the price depreciates from the interception level of 20-day and 55-day SMAs at 123.12. The pair dropped to the lower Bollinger band and moved along the band in recent week, but was stopped by the 100-day SMA at 119.60. Seems that this level might create more sustainable support for bears and ease the bearish pressure at least for a while. The closest support is located at 119.02/118.29 area, where the weekly and monthly S1 merge with the Bollinger band.
Traders' Sentiment
The ratio of bulls and bears distribution fluctuates around an equilibrium, as today the buy side slightly slipped beneath a 50% benchmark and accounts for 49.6%. Pending orders market signals about a bullish trend, as 61% of orders are buy.
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