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- JPMorgan (based on CNBC)
Pair's Outlook
EUR/JPY keeps respecting the recently stablished up-trend, implying that near-term sell-offs are to be limited by 122.80 yen. Meanwhile, the immediate resistance is at 124.45/24, represented by the weekly R2 and 55-day SMA. If this supply area is broken, the 100-day SMA is to become the next target. However, considering bearishness of the longer-term technical indicators and proximity of the spot price to a major falling resistance trend-line at 126.50, the overall bias remains strongly negative.
Traders' Sentiment
The latest rebound encouraged SWFX to be net long the European currency. At the moment 63% of open positions are long. At the same time, the share of buy orders fell from 67 to 62%.
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