© Dukascopy Bank SA
- BTMU (based on FXStreet)
Pair's Outlook
For the sixth consecutive day the Euro strengthened against the Yen yesterday, completely erasing Monday's bearish gap. The Yen has been on track lately, weakening as the BoJ expects, and sustaining more weakness after today's BoJ statement. As a result, the given cross is to end the day higher today, with the nearest resistance around 116.00 most likely remaining intact. Technical studies are bolstering the possibility of the positive outcome, as they retain bullish signals. The base case scenario is a close around 115.35, while a surge higher would imply the pair established a fresh three-week high.
Traders' Sentiment
Market sentiment remains bullish, but now at 66%, compared to 64% yesterday. There are still more orders to sell the Euro, namely 56% (up from 51%).
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