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– BBH (based on Business Recorder)
Pair's Outlook
The European single currency weakened against the Japanese Yen, bouncing back from what appears to be a newly-emerged channel's resistance line. Furthermore, with the weekly R1 crossed yesterday, the EUR/JPY cross is now expected to continue sliding down until the channel's lower border is reached. The weekly pivot point at 120.52 is bolstering the channel's support line, therefore, any dips lower are highly unlikely. However, technical studies today keep suggesting the Euro is to outperform the Yen, which is quite possible, as there is sufficient room for a bullish development with another retest of the upper trend-line.
Traders' Sentiment
There are 63% of traders holding short positions today. At the same time, the share of orders to purchase the Euro surged from 45 to 57%.
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