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- Credit Suisse (based on CNBC)
Pair's Outlook
On Wednesday, the EUR/JPY currency pair slightly overperformed, as the weekly R1 failed to stop the rally. Ultimately, the Euro settled at 140.42, but with risks of plunging today. The given cross might decline back under the 140 level, ignoring the weekly R1 support. Moreover, the single currency could even reach the support cluster around 139.20 if the fundamentals provide the conditions for that. However, short-term technical indicators are showing mixed signals, while the medium-term ones retain bullish signals, suggesting the pair is likely to end the week higher, despite the risks of declining.
Traders' Sentiment
Bulls are now in the majority, taking up 51% of the market. Meanwhile, the buy and sell order ratio is now equal to one.
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