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- Taro Aso, Japanese Finance Minister (based on Bloomberg)
Pair's Outlook
The EUR/JPY currency pair remains in a bearish trend, despite a possible recovery taking place today. Risk-on sentiment returned to the markets today, increasing demand for riskier assets, therefore, weakening the Japanese currency. The given cross opened in front of the weekly PP today, which is providing immediate resistance. In case the bullish momentum prevails, the weekly pivot point is unlikely to limit the gains, thus, the main target is the 123.26 level, where the weekly R1 is located. Meanwhile, technical indicators retain bearish signals, suggesting that a retake of the 123.00 level could be delayed.
Traders' Sentiment
Traders' sentiment once again shifted to the bullish side, taking up 56% of the market (previously 43%). Meanwhile, the portion of orders surged from 45 to 79%.
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