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- Saxo Bank A/S (based on Bloomberg)
Pair's Outlook
The EUR/JPY cross experienced minor volatility on Wednesday, but ultimately remained unchanged over the day. Even though the pair is still surrounded by the 55 and 200-day SMAs, the lower one, namely the 55-day SMA, is expected to give in and allow the Euro to undergo the expected correction. A broadly stronger Yen today is likely to ensure the breakout from the four-day trading range, with the closest support to limit the losses located at 132.75. Technical studies, on the other hand, are unable to provide a clear sense of direction for the pair today.
Traders' Sentiment
Bulls barely managed to remain in the majority (51%) today, whereas the portion of buy orders edged up from 30 to 64%.
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