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– Pimco (based on Market Watch)
Pair's Outlook
The EUR/JPY currency pair remained relatively flat yesterday, having erased all intraday gains and settled with a 16-pip loss, thus, leaving the 114.00 major level intact. The given cross is expected to remain above the 114.00 mark, undergoing a corrective rally today. However, a strong resistance area is still likely to limit the gains around 114.70 if not at 114.36, where the 38.20% Fibo is located. On the other hand, we should not rule out the possibility of the Euro ending the day in the red zone, as technical indicators retain mixed signals. The nearest support lies around 113.50, represented by the weekly PP, the 20-day SMA and the weekly S1.
Traders' Sentiment
Bullish sentiment improved again, having risen from 68 to 69% over the day. The share of buy orders also increased, namely from 53 to 70%.
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