© Dukascopy Bank SA
– Royal Bank of Scotland Group Plc (based on Bloomberg)
Pair's Outlook
The EUR/JPY cross experienced mild volatility on Thursday, ultimately closing with a small decline, but with the 123.00 major level remaining intact. Although the bearish momentum prevailed yesterday, the bullish one is expected to prevail today. The cluster around 124.00 keeps providing strong resistance, which should limit the gains today. Meanwhile, technical indicators are bolstering the possibility of the positive outcome, as they retain bullish signals in the daily timeframe. Moreover, the given pair remained within the borders of an ascending channel pattern for more than two months now, which is unlikely to be broken today.
Traders' Sentiment
Traders' sentiment remains close to equilibrium, as 52% of all open positions are long. The share of sell orders declined from 61 to 52%.
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