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- Royal Bank of Scotland Group Plc. (based on Bloomberg)
Pair's Outlook
Even though the EUR/JPY cross failed to rebound yesterday, the monthly PP still prevented the given pair from closing far in the red zone. However, downside risks persist, and the 121.50 level is the main target, as it represents the lower boundary of the pair's consolidation trend. Moreover, the given mark is also reinforced by the monthly PP, the lower Bollinger band and the weekly S1, making a sharper decline unlikely. In the meantime, technical indicators keep giving positive signals, suggesting the Euro is to outperform the Yen today, but a number of resistances on its path is not going to make it easy for the European currency.
Traders' Sentiment
Market sentiment returned to its Tuesday's level of 52% (previously 74%). At the same time, the share is buy orders surged from 50 to 51%.
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