© Dukascopy Bank SA
– OANDA (based on Business Recorder)
Pair's Outlook
Friday ended with the Euro weakening against the Japanese yen, but with the 113.00 psychological level remaining intact. However, this area risks being violated today, as technical indicators suggest that another bearish development is likely to occur. In this case the cross could fall towards the 112.56 mark, where the weekly S1 and the 23.60% Fibo are located. On the other hand, demand at the earlier-mentioned major level could still be sufficient to cause a rebound, but gains would then doubtfully exceed the 113.29 level, namely the weekly pivot point.
Traders' Sentiment
There are 64% of traders holding long positions today, compared to 65% on Friday. Meanwhile, the portion of orders to sell the Euro lost five percentage points, having fallen to 57%.
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