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- Capital Economics (based on MarketWatch)
Pair's Outlook
EUR/JPY fell through the support at 130.30/14 by more than 60 pips yesterday, but the bulls do not seem to have given up and continue to push the price upwards today. In order to confirm the near-term positive outlook the pair needs to close above the monthly pivot as soon as possible, other wise the dip will likely extend down to the 200-day SMA at 127.05.
Traders' Sentiment
The gap between the amounts of bullish and bearish market participants has narrowed even more. Now the share of long positions is 47%, while shorts take up 53% of the total number. Meanwhile, the percentage of buy orders went up to 63% from 61% recorded yesterday.
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