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- Swissquote (based on Reuters)
Pair's Outlook
The Euro somewhat met expectations yesterday, as it managed to edge higher against the Yen and even retake the 123.00 psychological level. The weekly PP at 123.09, however, kept the EUR/JPY currency pair from posting more gains, but with renewed risk-on sentiment is likely to give in today. As a result, the European single currency might even climb over the third resistance level at 124.04, namely the monthly S1. This area remained unconquered for almost two weeks now, therefore, chances of supply at that point limiting the gains persist. Meanwhile, technical indicators shifted from bearish to distinctly bearish.
Traders' Sentiment
Although not as strong as yesterday, but traders' sentiment remains bullish at 59%. The percentage of purchase orders barely changed over the day, having declined from 55 to 53%.
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