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– based on Investing.com
Pair's Outlook
Although the Euro climbed higher against the Japanese Yen on Thursday, the pair was still unable to rise above the 113.65 level, therefore, preserved the consolidation trend. The cross failed edge lower yesterday, but is still likely to decline today, as technical indicators suggest. The weekly pivot point now acts as the nearest support at 113.29, but with the 113.00 major level being the key support. Moreover, volatility could even reach the cluster around 112.55, represented by the weekly S1 and the 23.60% Fibo. The base case scenario, however, is a close around 113.15.
Traders' Sentiment
Bulls lost some numbers over the day, having fallen from 64 to 61%. At the same time, the share of purchase orders edged down, losing two percentage points. The orders now take up 48% of the market.
© Dukascopy Bank SA