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- Barclays Plc. (based on Bloomberg)
Pair's Outlook
On Monday the European single currency edged higher against the Yen, retaking the 123.00 major level and breaching the immediate resistance in face of the weekly PP. Risk appetite keeps driving the EUR/JPY cross, with the closest resistance now being the cluster around 123.75, represented by the 20-day SMA and the monthly PP. However, gains could even extend towards the 124.30 mark, as the pair was unable to breach this area during the previous week. Furthermore, the second resistance cluster is bolstering this area, namely the weekly R1 and the 55-day SMA. Technical studies, on the other hand, are unable to confirm the bullish scenario.
Traders' Sentiment
Today 60% of all traders are long the Euro (previously 58%), while the portion of purchase orders inched up from 29 to 56%.
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