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– Commerzbank (based on FXStreet)
Pair's Outlook
The Euro continued to outperform the Japanese Yen, with the exchange rate climbing 70 pips higher yesterday. The EUR/JPY cross now has the potential to retake the 115.00 psychological level, which is reinforced by the weekly R2. With a surge beyond this area there will be only one major obstacle on the pair's path towards the bearish trend-line around 117.00, namely the resistance cluster circa 115.85, formed by the 50% Fibo and the weekly R3. However, technical indicators are unable to confirm the possibility of the bullish scenario, as they retain mixed signals in the daily timeframe.
Traders' Sentiment
Bullish traders' sentiment remains unchanged at 69%, whereas all pending orders are now equally divided between the buy and the sell ones.
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