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– Westpac (based on FXStreet)
Pair's Outlook
Monday ended with the EUR/JPY currency pair sustaining a rather sharp loss, which not only caused the ascending channel's support line to be broken, but also the 122.00 level to be pierced. Nevertheless, the Japanese Yen was put under pressure after today's BoJ statement, allowing the Euro to post a mild recovery. A retake of the 123.00 is unlikely to occur, being that the given area is also reinforced by the weekly PP. Technical indicators are bolstering the possibility of the positive outcome, as they keep giving bullish signals in the daily timeframe today.
Traders' Sentiment
Bullish market sentiment remains unchanged at 56% today, whereas the number of sell orders added 11% points, having risen to a total of 60% over the last 24 hours.
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