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– Westpac (based on FXStreet)
Pair's Outlook
On Friday the European single currency remained relatively unchanged against the Japanese Yen, having added only 18 pips. Although downside volatility is strong today, the 123.00 major level could still remain intact, as the weekly pivot point and the ascending channel's lower trend-line are providing strong support just under. Technical studies also suggest the given cross is to edge higher, but a positive outcome also seems to be far-fetched, as the EUR/JPY pair was unable to climb over the 123.50 level for two weeks in a row now. Furthermore, the pair remained within the channel's borders for eight months now, thus, a breach of the up-trend has a solid chance to occur.
Traders' Sentiment
Traders remain bullish on the EUR/JPY pair, being that 56% of all open positions are long. The share of buy orders inched up from 48 to 51%.
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