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- Commerzbank (based on FXStreet)
Pair's Outlook
Even though the European single currency edged higher against the Japanese Yen on Wednesday, it was unable to maintain trade above the 122.00 mark, with the resistance cluster there pushing the exchange rate down again. As a result, this cluster caused the EUR/JPY cross to make a U-turn and begin moving towards the 121.20 psychological support. Technical indicators, however, are unable to confirm the possibility of the negative outcome, as they keep giving bullish signals. In this case the 121.60 handle should be considered as a possible support, as it kept the Euro from sliding down for a whole week now, suggesting trade could close above this area.
Traders' Sentiment
Today 54% of traders are long the Euro (previously 53%). Meanwhile, the number of purchase orders edged up from 48 to 53%.
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