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- BTMU (based on FXStreet)
Pair's Outlook
Rather substantial volatility was experienced on Tuesday, but the EUR/JPY pair still ended the day with only a few-pip rally. Since the Euro has been trading sideways against the Yen for slightly more than two months now, the expectations were for the cross to put the resistance area around the 116.00 level to the test first. However, it appears bears have taken over earlier than anticipated, thus, the failed strong rally on Tuesday and a likely decline today. The demand area around 114.50 remains strong and is to limit intraday losses today.
Traders' Sentiment
Market sentiment is still bullish, with 64% of all open positions being long (previously 66%). At the same time, the number of orders to purchase the Euro added eight percentage points. The orders now take up 52% of the market.
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