"With French election surprise very unlikely, we could see a push higher on EUR/JPY."
— Market Pulse (based on Investing.com)
Pair's Outlook
EUR/JPY is testing the March high at 122.61 for the second consecutive day. The first half of this trading session was marked by the lack of strong market movers, keeping the number of bulls and bears at equilibrium. The upside momentum has since accelerated, moving the Euro closer to the weekly R1 at 122.72. Thus, a close in the green area is the most likely scenario for today. In case the pair reverses its motion to the downside, the fall is not expected to be strong. Technical indicators are still flashing mixed signals, while traders have become bearish. The currency's movement in the remaining week should be influenced considerably by fundamentals on the French election.
Traders' Sentiment
Market sentiment has turned bearish, as 52% of traders are holding short positions. In addition, 58% of pending orders are to sell the Euro.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -4% | 4% | 2% | |
| Orders | -16% | 4% | 4% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Sell | Sell | |
| RSI (14) | Sell | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Sell | Sell | Sell | |
| ADX (14) | Buy | Neutral | Neutral | |
| CCI (14) | Neutral | Neutral | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Buy | Neutral | Sell | |
| SAR (0.02; 0.2) | Buy | Buy | Buy | |
| Aggregate | ↗ | → | → | |