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- Bank of America (based on Bloomberg)
Pair's Outlook
On Friday the European single currency appreciated against the Japanese Yen for the seventh consecutive time, but was still unable to retain its position above the 120.00 major level. Afterwards a spark of risk aversion allowed the Yen to take the upper hand, causing the given cross to fall in the red zone today, where the weekly pivot point at 119.15 acts as the closest support. However, the 119.00 threshold might fail to prevent the pair from falling deeper, in which case the target will be the cluster circa 118.40. On the other hand, technical studies keep giving bullish signals, unable to confirm the scenario, but suggesting that a close above 119.15 is possible.
Traders' Sentiment
Bulls retreated once again, as only 53% of traders are long the Euro today (previously 55%). The share of buy orders surged from 40 to 55%.
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