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- Bank of Tokyo-Mitsubishi (based on WBP Online)
Pair's Outlook
The weekly PP and 55-day SMA failed at holding the losses yesterday, allowing the EUR/JPY to drop 132.65. The Yen was boosted by the BoJ's statement, which made the Japanese currency the best performer today. The weakening Euro also contributed to the pair's plunge to the 131.00 major level. So far the volatility was limited by the monthly PP at that area, but that support might still give in by the end of the day. Nevertheless, the single currency is unlikely to recover from intraday losses and is expected to maintain trade below the major level of 132.00.
Traders' Sentiment
Bulls and bears broke out of equilibrium, as 52% of all positions are long. The portion sell orders now takes up 63% of the market.
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