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- Executive Vice President Ross A. Dowd (based on Bloomberg)
Pair's Outlook
The pair met another support at the weekly S3 at 135.02 level. The daily move was rather definite since the cross tumbled almost 329 pip lower without any major volatility. The next support level should be met at the 100% Fibonacci retracement at 134.146. Meanwhile, the EUR/JPY is highly oversold currently as it is trading well below the Bollinger band and the RSI norms.
Traders' Sentiment
The market met more long players today, as 53% of them expect the air to appreciate. Half of the 50– pip opened pending orders are short and only 33% of the 100– pip ones are long.
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