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- RBC Capital (based on CNBC)
Pair's Outlook
EUR/JPY has largely neglected the 2009 highs and is currently testing a tough support. The demand zone the currency pair is facing consists of the 50% Fibo retracement, weekly S1, 100-day SMA and the down-trend support line, meaning it is highly probable that the Euro is going to undergo a bullish correction from here before continuing with the decline.
Traders' Sentiment
For now SWFX market participants remain unresponsive to the sharp decline in the Euro's value—the share of long positions advanced only by one percentage point from 70% up to 71%. we may also conclude that EUR/JPY is already in the vicinity of a strong support, since the portion of buy orders went from 54% to 75%.
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