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- Mizuho Securities (based on Reuters)
Pair's Outlook
Even though the European single currency remained almost completely unchanged against the Japanese Yen yesterday, risk-aversion still remains. Consequently, the EUR/JPY cross is expected to weaken again today, this time with the weekly S2 and the lower Bollinger band doubtfully limiting the losses. However, technical studies retain mixed signals, so we cannot fully rule out the possibility of trade closing above 119.80. On the other hand, in case a more negative outcome prevails, the next main support will be the cluster around 118.60, formed by the monthly S2, the weekly S3 and the 100-day SMA.
Traders' Sentiment
There are 54% of traders with a positive outlook today, unchanged since Tuesday. The number of purchase orders increased in the last 24 hours, namely from 48 to 57%.
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