© Dukascopy Bank SA
- Mizuho Securities (based on Bloomberg)
Pair's Outlook
As was anticipated, the Euro edged lower against the Yen on Thursday, but failed to put the immediate support to the test. Nevertheless, this decline only confirmed the EUR/JPY pair's current consolidation trend. Due to lack of impetus, the given cross is expected to remain within its current trading range, with the monthly PP marking the lower border and the weekly R1, the 55-day SMA and the Bollinger band marking the upper one. Moreover, the European currency is likely to keep gravitating towards the 117.00 major level, meaning that the pair is to inch higher during the day. The base case scenario is a close at 117.55.
Traders' Sentiment
Bullish market sentiment remains unchanged at 58% today, whereas the number of orders to sell the Euro skyrocketed from 45 to 76% over the past 24 hours.
© Dukascopy Bank SA