© Dukascopy Bank SA
- Barclays Plc. (based on Bloomberg)
Pair's Outlook
The EUR/JPY pair was unable to maintain trade above the 124.00 mark on Tuesday, as the immediate resistance cluster proved to be impenetrable. Ultimately, the cross remained almost completely unchanged, with risks of resuming flat trade for the second day in a row present. Technical indicators are also giving mixed signals today, bolstering that possibility, with the weekly PP being the immediate support and the 20-day SMA and the monthly PP—the nearest resistance. However, with the bullish momentum fading, the Euro could now also be on the brick of falling back under 123.00.
Traders' Sentiment
Bulls keep growing stronger, as 64% of all open positions are now long (previously 60%). At the same time, all pending orders are equally divided between the buy and the sell ones.
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