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- Pioneer Investments (based on CNBC)
Pair's Outlook
The European single currency managed to recover from its intraday low and end the day in the green zone against the Japanese Yen. However, the 126.00 level remained unconquered, which now has a chance to climb over it, despite the monthly PP providing immediate resistance at 126.13. Meanwhile, the lower border is still represented by the 20-day SMA, which can be reached only after the breach of the 55-day SMA at 125.23. Technical indicators, on the other hand, keep giving bearish signals in all timeframes, suggesting that more EUR/JPY weakness is to follow.
Traders' Sentiment
Nearly three quarters (74%) of all open positions are now long, compared to 67% on Monday. The portion of buy orders, however, decline from 79 to 63%.
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