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- Commerzbank (based on FXStreet)
Pair's Outlook
A bearish development on Monday caused the EUR/JPY currency pair to break out from its five-week consolidation trend. The cross managed to retain its positions above the 121.00 level, but the Yen is expected to strengthen due to its safe haven status today, sending the Euro lower once again. The closest support is represented by the weekly S1 and the 55-day SMA around 120.60, which is expected to prevent the Euro from edging lower today. Technical studies, however, are unable to confirm the possibility of the negative outcome, as they keep giving bullish signals.
Traders' Sentiment
Bulls and bears broke out of the perfect equilibrium, being that 55% of traders are now long the Euro and the remaining 45% are short. Meanwhile, the share of buy orders slid from 63 to 59%.
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