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- FPG Securities (based on Reuters)
Pair's Outlook
The EUR/JPY currency pair failed to meet expectations, as it edged up instead of declining. The 20-day SMA, however, provided resistance, as was anticipated. As a result, the cross settled at 128.64. Right now the Euro is still gaining value, in spite of a number of soft data releases earlier today. At this point, nothing should push the single currency back, and the bullish momentum is to be preserved. The nearest resistance rests at 129.45, although the pair is likely to stabilise around 129. Meanwhile, technical studies retain mixed signals, unable to bolster any outcome.
Traders' Sentiment
The share of long positions remains unchanged at 59%. The number of buy orders is now in the majority, taking up 52% of the market.
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