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- U.S. Bank (based on Reuters)
Pair's Outlook
The Japanese Yen has been outperforming the Euro since the beginning of the week and today is unlikely to be an exception. The nearest support area is located only around the 100.00 psychological level, formed by the weekly S2 and the Bollinger, but an interim level is the 110.00 mark, which could also prevent the EUR/JPY cross from sustaining sharper losses. Meanwhile, technical studies keep giving mixed signals, leaving the probability of a rebound alive. In case of this scenario, the weekly S1 will be the level to limit the gains, located at 112.14.
Traders' Sentiment
There are 58% of all open positions being long today (previously 61%). Meanwhile, the number of orders to purchase the European single currency plunged from 81 to 22%.
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