© Dukascopy Bank SA
– based on FXStreet
Pair's Outlook
The Euro remained almost completely unchanged against the Yen yesterday, after having experienced substantial upside volatility. However, the overall trend remains bearish, and BoJ Kuroda's statement earlier today seems to have sparked solid Yen-buying, causing the pair to drop towards the second support area around 112.70, represented by the weekly S2 and the 23.60% Fibo. This demand cluster is expected to keep the cross from edging lower, as the Euro mostly held above the given Fibo level for slightly under three months now. Technical indicators also suggest trade is to close in the red zone today.
Traders' Sentiment
There are 61% of traders holding long positions today (previously 62%), whereas 53% of all pending orders are to acquire the Euro.
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