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— Forex.com (based on 4-traders)
Pair's Outlook
As was anticipated, the Yen took the upper hand on Monday, reversing the EUR/JPY pair's polarity. Now the given cross is poised for another leg down, risking to stabilise below the 122.00 major level again. The nearest support is now represented by the monthly R1 and the weekly pivot point, both located circa 121.80; however, technical indicators are unable to fully confirm the possibility of another bearish development. In either case the Euro/Yen still remains in an uptrend and is yet to break it, therefore, the 123.50 psychological resistance remains the main target for another week.
Traders' Sentiment
Market sentiment remains close to perfect equilibrium, being that 51% of all open positions are still short and the other 49% are long. The share of purchase orders inched up from 54 to 56%.
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