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- Rabobank (based on FXStreet)
Pair's Outlook
Despite experiencing substantial volatility on Friday, the EUR/JPY cross still behaved in accordance with the forecast. The pair remained relatively unchanged, as the weekly PP pushed it six pips down. The Euro's volatility to the upside was limited by the 55-day SMA today, which is also the nearest resistance level. Even though the immediate resistance is not expected to be reached by day's end, the single currency is still likely to edge higher today and close around 136.50.
Traders' Sentiment
Market sentiment shifted back to the bearish side, as only 44% of traders are long the Euro. There are now less orders to acquire the single currency. The commands take up only 58% of the market.
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