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- Mizuho Bank Ltd. (based on Bloomberg)
Pair's Outlook
Today has proved what we stated yesterday—the traders should not rely on the 137 level as a reliable support. The EUR/JPY cross has dropped below the major level at 137 today; moreover, there is a room for a further decline. However, we expect that the weekly S1 and July low at 136.47/47 will halt the current decline and the pair will not approach this year's low at 135.74. The technical studies remain neutral for the time being.
Traders' Sentiment
The traders' sentiment has not changed for the fourth straight trading day, as it remains at 52% of market participants being bullish. Bullish side of pending orders added 8% and is at 40% gauge today.
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