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- National Australia Bank (based on Business Recorder)
Pair's Outlook
The EUR/JPY cross is stuck in a clear consolidation trend, with the 123.00 major level acting as the lower border and the monthly S1 at 124.04 being the upper boundary. No significant events today are expected to be a catalyst and cause the given currency pair to break through either border. However, technical indicators are now giving distinctly bearish signals in the daily timeframe, suggesting that a breach of the 123.00 psychological level is now possible. In this case, the next target to provide support will be the Bollinger band around 121.92.
Traders' Sentiment
Bulls grew stronger today, as 61% of all open positions are long, compared to 51% on Thursday. Meanwhile, the share of buy orders edged down from 50 to 32%.
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