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- Canadian Imperial Bank of Commerce (based on Bloomberg)
Pair's Outlook
On Monday the European single currency overperformed, having added nearly 250 pips against the Yen, amid the election results in Japan. As a result, the two closest resistances were breached, leaving the door open for another rally today. The 20-day SMA is now the nearest resistance, keeping the EUR/JPY away from reclaiming the 115.00 major level, but a much stronger cluster rests around 115.85, represented by the weekly R2 and the monthly PP. At the same time, technical indicators are unable to confirm the positive outlook, as they retain mixed signals in all timeframes.
Traders' Sentiment
Today 58% of all open positions are long, compared to 61% previously. Meanwhile, the number of purchase orders added 17% points, having risen up to a total of 67%.
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