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- ABN Amro Bank (based on Bloomberg)
Pair's Outlook
On Monday the Euro managed to erase all previous week's losses, having added 65 pips against the Japanese Yen that day. Today the EUR/JPY pair is unlikely to post substantial gains, as there is a strong resistance around the 117.00 major level, which should prevent the single currency from posting too much gains. The given resistance is formed by the ascending channel's upper border, the 61.80% Fibo, the Bollinger band, the weekly and the monthly R1s. An upside development is more probable today, as technical indicators are bolstering this possibility.
Traders' Sentiment
Bullish traders' sentiment remains unchanged, still taking up 61% of the market. However, the share of purchase orders slightly increased, namely from 51 to 52%.
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