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– based on investing.com
Pair's Outlook
EUR/JPY showed no development on Tuesday morning after Monday's half percent dip, suggesting that it might not continue its short-term advance towards the trend-line at 117.90, but rather target 114.36/55 where the weekly S1, monthly pivot point and 55-period SMA limit further downside potential. If the pair does, however, recover and resumes its path North, the 50% Brexit dip retracement at 115.83 will cause a hitch before the pair rallies towards the monthly R1 at 116.46. Aggregate technical indicators support this scenario, suggesting that the rate will dive after the trend-line is reached.
Traders' Sentiment
Bullish market sentiment is at 58% (previously 63%). The share of buy orders has fallen from 62% to 54%.
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