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- Rabobank (based on CNBC)
Pair's Outlook
The European single currency retreated from its intraday high on Thursday, with the pair ultimately closing with a 52-pip loss. However, news about possibility of the BoJ applying negative rates on loans sparked weakness in the Yen, causing the given cross to edge higher today. The main resistance area is located just below the 125.00 major level, represented by the 20-day SMA, the weekly R2 and the weekly R3. The highest level to be reached today is located around 125.41 in face of the 55-day SMA, while a breach of the main resistance would imply that the EUR/JPY pair is on the corrective path towards the 17-month down-trend.
Traders' Sentiment
Market sentiment remains at 59% for the fourth consecutive day, while the share of buy orders added 36% points, having risen up to 76%.
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