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- Standard Chartered (based on Bloomberg)
Pair's Outlook
A breach of the monthly pivot point at 130.30 is not a fact yet, but the spot price is already 40 pips above this level, implying that it is a very likely scenario. If this is the case in the end, then the next resistance to hinder advancement of EUR/JPY is located at 131.68/26, it is formed by the weekly R1 and a major rising trend-line. Meanwhile, the short-term indicators, unlike the long-term ones, are giving ‘sell' signals.
Traders' Sentiment
A gap appeared between the shares of long (48%) and short (52%) positions open on EUR/JPY, in favour of the latter. However, the difference is yet negligible and is far from sufficient to say the sentiment is bearish—for now it is neutral, even though on average in their crosses the Euro (41%) is more popular than the Yen (30%).
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