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- Nordea (based on CNBC)
Pair's Outlook
Upon reaching the immediate resistance, namely the weekly PP, the EUR/JPY currency pair turned around and closed trade in the red zone. However, the closest support remained in tact, and the Euro is now likely to outperform the Japanese currency, as risk sentiment improved demand for safe haven assets is lower. The weekly PP at 124.20 retains its role of the closest resistance, whereas the nearest support is still represented by the weekly S1. Despite the positive outlook, technical indicators suggest otherwise, with their signals distinctly bearish in the daily timeframe.
Traders' Sentiment
Bulls once again take up 59% of the market today (previously 64%). At the same time, the number of orders to sell the Euro decreased by 13% points, falling down to a total of 59%.
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