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– BBH (based on FXStreet)
Pair's Outlook
On Friday the Euro managed to outperform the Japanese Yen, rather than weaken against it, but with the key resistance remaining intact. Today, even though the pair opened with a bullish gap, the exchange rate keeps precipitously moving down. The bearish momentum is likely to be limited by the immediate support cluster around 113.45, represented by the 20-day SMA and the weekly PP. However, the main target is the 113.00 psychological level, which kept the EUR/JPY cross elevated for more than two weeks now. Meanwhile, technical indicators are also in favour of the bearish scenario.
Traders' Sentiment
Slightly more traders have a positive outlook towards the Euro today, namely 64% (previously 61%). At the same time, the portion of orders to acquire the European single currency increased from 48 to 67%.
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