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- David Fergusson at Woodside Holdings Investment Management (based on Bloomberg)
Pair's Outlook
The EUR/JPY tumbled 189.69 pips today to meet the daily low at 137.005. However, the level was not held for too long and the cross found itself a support at the weekly S2 at 137.539. Looking at the daily chart, it seems that the 200– 100– and 55– SMA's are correcting their upward movement to the downside. The next strong support level is situated at 136.0. In constrast, the upside resistance levels are currently the weekly S1 at 138.96.
Traders' Sentiment
The market did not loose too much participants today as 52% of traders hold their positions short. Meanwhile, 40% of participants placed the 50– pip long pending orders and only 30% are placed in a 100– pip range.
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