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- Macquarie Bank Ltd. (based on Bloomberg)
Pair's Outlook
For the second consecutive day the Euro remained relatively unchanged against the Japanese Yen, having appreciated only ten pips. The 20-day SMA and the monthly pivot point keep providing immediate resistance just under the 124.00 major level, preventing the EUR/JPY cross from posting more gains. At the same time, the weekly PP is still the nearest support, located at 123.19, which should limit any losses today. Even though technical indicators in the daily timeframe retain mixed signals, the pair is expected to undergo a small bearish correction, but remain contained between the mentioned support and resistance levels.
Traders' Sentiment
There are 62% of all traders being long the Euro today (previously 64%), while the share of buy orders edged higher from 50 to 65%.
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