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- Mario Draghi, ECB President (based on Economist)
Pair's Outlook
EUR/JPY has returned to its long-term downtrend after a steep bullish movement last week. The pair is seeking for a strong support, and is likely to find one near the Lower Bollinger band around 94.5836. However, if the slight bullish movement continues, the pair is likely to test 96.48 (20-day MA) in near term.
Traders' Sentiment
The number of EUR/JPY bulls on the SWFX sentiment index has stabilized around the level of 79-82% in the last few days, and today 79% of traders expect the pair to augment in near term. However, 21% of market participants believe that the pair still is likely to decline and seek for support lower. Developments of the pair are likely to be significantly influenced by fundamental news from the EU.
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