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- IG Securities (based on Reuters)
Pair's Outlook
EUR/JPY continues its downfall, as it fell below the weekly S1 at 136.90 today. Moreover, since the pair attacked the 138 level on 24th of August it has been on a constant decline. Nonetheless, according to the daily and monthly technical studies the Euro is poised for an advance. To our mind, the resistance levels (July low, weekly S2 and monthly S1) at 136.37/23 should halt the current retreat and a reversal in the trend could come around.
Traders' Sentiment
The sentiment has plummeted to 37%, meaning that more and more traders expect the Europe's currency to underperform relative to the Yen. Concerning the buy and sell commands placed, their numbers are widening, with 78% set to buy.
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