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- IG Markets (based on Business Recorder)
Pair's Outlook
On Wednesday the EUR/JPY pair managed to reach the expected target, but trimmed most of its gains, as the immediate resistance was too tough to pierce. As a result, the cross closed under the 123.00 major level, unable to climb over it for the fourth time in a row. Consequently, the Euro is likely to make U-turn and sustain mild losses today, but without reaching the nearest support, namely the Bollinger band around 121.23. Moreover, technical indicators are now giving bearish signals in all timeframes, suggesting that the negative outcome is to take place.
Traders' Sentiment
There are 66% of traders holding long positions today, compared to 68% previously. At the same time, the portion of buy orders edged down from 53 to 49%.
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