© Dukascopy Bank SA
- OANDA (based on Business Recorder)
Pair's Outlook
After surging for a week and putting the 118.50 level to the test twice the EUR/JPY cross appears to have lost its bullish momentum. However, the pair experienced rather flat trade on Friday and, due to lack of market movers today, the Euro could remain in limbo. Furthermore, risks are skewed to the downside, as the immediate resistance at 115.75, formed by the monthly PP and the weekly S1, is unlikely to keep the pair elevated. On the other hand, technical studies suggest a rally is due, but the nearest resistance at 117.05, namely the weekly PP, is expected to prevent the European currency to post larger gains.
Traders' Sentiment
Today 55% of all open positions are long (previously 58%), whereas the share of sell orders dropped slightly lower, namely from 76 to 70%.
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