© Dukascopy Bank SA
– BBH (based on FXStreet)
Pair's Outlook
Even though the Euro declined against the Japanese Yen yesterday, the weekly pivot point managed to limit the losses, preventing a slump towards the 113.00 mark. However, the Yen keeps outperforming the European currency, thus, a drop towards the 113.00 psychological level is expected, with volatility possibly even putting the cluster around 112.60, represented by the weekly S1 and the 23.60% Fibo, to the test. Technical indicators are unable to confirm the probability of the negative for the Euro outcome, as they retain mixed signals in the daily timeframe.
Traders' Sentiment
Bullish market sentiment returned to its previous Wednesday's level of 66% (previously 62%). The number of buy orders barely changed, having fallen from 55 to 54%.
© Dukascopy Bank SA