"Overall, we're still staying mildly bullish in the cross and expect another rise."
— Action Forex (based on Investing.com)
Pair's outlook
The Euro continues to depreciate against the Yen for the second consecutive day. This movement has confirmed that the pair is trading in the bounds of a broadening wedge pattern. In case it remains valid for the following trading weeks, this may indicate that a substantial decrease is due. The pair is limited to the downside by the weekly S1 at 123.12; however, a breach of the 20-day SMA at 122.63 should be regarded as a stronger signal that further depreciation may follow. It is unlikely that the rate reverses to the upside in this trading session, setting a possible price target circa 123.12. Technical indicators are still bullish; however, they are gradually decreasing in strength.
Traders' sentiment
Traders remain bearish, as 64% of open positions are short. Meanwhile, 56% of set up orders are to buy the pair.
| Sentiment | Today | Yesterday | 5 days ago | |
| Positions | -28% | -12% | -22% | |
| Orders | 12% | 6% | -6% | |
| Indicator | 1D | 1W | 1MN | |
| MACD (12; 26; 9) | Buy | Buy | Sell | |
| RSI (14) | Neutral | Neutral | Neutral | |
| Stochastic (5; 3; 3) | Buy | Sell | Sell | |
| ADX (14) | Buy | Neutral | Neutral | |
| CCI (14) | Neutral | Sell | Neutral | |
| AROON (14) | Buy | Buy | Buy | |
| Alligator (13; 8; 5) | Buy | Buy | Sell | |
| SAR (0.02; 0.2) | Buy | Buy | Buy | |
| Aggregate | ↑ | ↗ | → | |