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- Canadian Imperial of Commerce (based on Bloomberg)
Pair's Outlook
The Euro managed to prolong its bullish trend on Monday, having added more than 110 pips against the Yen. However, risk-on sentiment has somewhat returned to the markets, but the Yen is still struggling to strengthen substantially and push the European currency back under 117.00. Meanwhile, technical indicators suggest that the EUR/JPY cross is to edge higher today, as they are now giving bullish signals. In case of a bullish development, a tough resistance cluster around 119.40 is to prevent the pair from posting larger gains, also being the final obstacle before the seven-month down-trend is reached.
Traders' Sentiment
Market sentiment keeps weakening, as only 57% of traders are long the Euro today (previously 58%). At the same time, the share of sell orders decreased from 75 to 59%.
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