© Dukascopy Bank SA
– based on FXStreet
Pair's Outlook
The European single currency erased all intraday losses on Friday, while also adding 55 pips against the Japanese Yen that day. Gains were limited by a tough resistance area, located around 114.20, which also acts as the immediate resistance today. Consequently, the Euro is now unlikely to edge higher, being that the nearest supply should cause a U-turn. Meanwhile, the weekly pivot point forms support at 113.47, but will doubtfully prevent the EUR/JPY cross from moving lower if bears take over the market. At the same time, technical indicators are giving bearish signal, bolstering the possibility of the negative outcome today.
Traders' Sentiment
Bulls remain strong, as 66% of traders hold long positions today (previously 67%). The portion of buy orders barely changed, having risen from 54 to 56% over the weekend.
© Dukascopy Bank SA