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– MUFG (based on FXStreet)
Pair's Outlook
The European single currency remained relatively unchanged against the Japanese Yen on Wednesday, with the pair even unable to climb over the 113.29 level, where the weekly PP rests. Even though technical indicators retain their bearish signals, the given cross is still expected to prolong its consolidation period. Consequently, the Euro is unlikely to fall under the 113.00 psychological level today, nor it is likely to edge above the 113.65 mark. However, due to the weekly PP being successful in limiting the gains for the preceding three days, risks are slightly skewed to the downside, imply a maximum loss of 25 pips.
Traders' Sentiment
Today 64% of all open positions are long, compared to 66% on Wednesday. All pending orders are now equally divided between the buy and the sell ones.
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