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- Bank of Tokyo-Mitsubishi UFJ Ltd. (based on Bloomberg)
Pair's Outlook
It looks like its going to be a third consecutive day of losses for the EUR/JPY cross, after it approached the 150 level on Monday. As of today it has slipped below the weekly S1 at 147.73; moreover, it has reached the 20-day SMA at 147.25. Apparently, this is a phase of correction, meaning that the pair is likely to decline towards the monthly PP at 145.77 before continuing its upwards movement. A vast majority of the technical indicators are strongly bullish.
Traders' Sentiment
The sentiment towards the Euro returned from moderately bearish to strongly bearish, being that the percentage of short positions open on EUR/JPY has surged from 55% up to 66%% since the previous report.
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