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- Wells Fargo & Co. (based on Bloomberg)
Pair's Outlook
The Europe's shared currency continues to trade around the major level at 137, after yesterday's drop from the 55 and 100-day SMAs at 137.76/85. The technical indicators remain mostly neutral for the time being, except the monthly ones that are slightly bullish. Since the pair still is on a down-trend, we expect the weekly S1 at 136.47 to be reached. However, in case the pair's bulls manage to hold the Euro above the 137 level then a rebound could follow.
Traders' Sentiment
There has not been any changes in the traders' sentiment for already five straight trading days, as 52% of them remain bullish on EUR/JPY. In the meantime, the share of sell orders grew from 40% up to 52%.
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