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- Maruyama Fidelity (based on Bloomberg)
Pair's Outlook
Although the Euro's bullish development was limited yesterday, it was still sufficient to climb over the weekly pivot point. With the breach of yesterday's immediate resistance, the EUR/JPY cross is likely to continue edging higher. There is only one strong supply area on the pair's path towards the ten-month down-trend, namely the cluster around 114.20, formed by the monthly PP, the 38.20% Fibo, the 20 and the 55-day SMAs. There is no impetus to push the European single currency significantly beyond the 114.00 mark, while technical indicators are also unable to confirm the possibility of the positive outcome; therefore, gains are expected to be limited.
Traders' Sentiment
Today 59% of traders are long the Euro (previously 67%), whereas the share of sell orders barely changed, having fallen from 57 to 56%.
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