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- PineBridge Investments (based on Bloomberg)
Pair's Outlook
On Tuesday risk-appetite returned to the markets, causing the Euro to post more gains against the Japanese Yen, this time completely erasing Monday's bearish gap. Nevertheless, the EUR/JPY pair still has a long way to go to fully negate Brexit's 700-pip decline. The closest resistance is also located out of reach at 115.11, represented by the weekly pivot point, while the nearest support rests around 112.42, namely the Bollinger band. The Euro is expected to remain in within this range between 112.40 and 115.00, with the bearish momentum most likely prevailing. Technical studies, however, are giving mixed signals today.
Traders' Sentiment
There are 63% of traders being long the Euro today, compared to 65% on Tuesday. At the same time, the number of purchase orders added 34% points, having risen up to a total of 67%.
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